Obama Debt Panel Proposal Would Cut Social Security, Medicare…

Posted on November 10, 2010


A presidential commission’s leaders proposed a $3.8 trillion deficit-cutting plan that would trim Social Security and Medicare, reduce income-tax rates and eliminate tax breaks including the mortgage-interest deduction.

The plan would overhaul the federal budget by throwing out hundreds of tax breaks for items such as capital gains and child care. It would raise the gas tax, slash defense spending and bring down health-care costs by clamping down on medical malpractice suits. The Social Security retirement age would be raised to 68 in about 2050 and 69 in about 2075.

via U.S. Debt Proposal Would Cut Social Security, Taxes, Medicare – Bloomberg.