Deficit-Cutting Plan Would Recuce Taxes, Social Security, Medicare

A presidential commission’s leaders proposed a $3.8 trillion deficit-cutting plan that would cut Social Security and Medicare, reduce income-tax rates and eliminate tax breaks including the mortgage-interest deduction. he co-chairmen of the panel appointed by Obama suggested reducing Social Security spending by raising the retirement age to 68 in about 2050 and 69 in about 2075. – Bloomberg