Gross: Debt panel’s plan likely going nowhere

Zachary Roth
·Senior National Affairs Reporter

We told you earlier today that the president's bipartisan debt commission released its final proposal, which commission members will vote on Friday.

But Dan Gross of Yahoo! Finance sees little chance that the plan will attract significant support, largely because it's anathema to the lawmakers on the panel -- who make up 12 of the 18 commissioners. The Democrats on the commission won't be able to stomach the spending cuts, Gross argues, while the Republicans are unalterably opposed to tax increases.

Writes Gross: "This is how budget politics work in 2010."

Watch Gross explain his view in a conversation with Yahoo! Finance's Aaron Task:

(Photo of Obama flanked by Erskine Bowles, left, and Alan Simpson: AP/J. Scott Applewhite)