A draft proposal by the chairmen of the president’s bipartisan commission on debt reduction calls for steep cuts in military and domestic spending along with tax increases to eliminate almost $4 trillion from federal deficits by 2020. The plan would reduce Social Security benefits to most future retirees while subjecting more income to Social Security payroll tax. Income taxes would decline, but popular deductions, including the home-mortgage interest tax deduction, would be eliminated. The commission chairmen, Democrat Erskine Bowles and Republican Alan Simpson, are proposing roughly $2 in spending cuts for every $1 in increased revenue. If 14 of 18 panel members agree to the proposals, they’ll be sent to Congress for consideration.
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