Fiscal Commission Proposes Big Cuts, Tax Reform to Reduce U.S. Debt

BY Chris Amico  November 10, 2010 at 4:20 PM EDT

Fiscal Commission chairmen

The Fiscal Commission charged with charting a path toward a balanced federal budget released a draft report Wednesday, calling for cuts to Social Security, broad changes to the tax code and cuts in spending across the ledger.

This draft is the work of chairman Alan Simpson, a former Republican senator from Wyoming, and Eskine Bowles, a chief of staff for President Bill Clinton. The panel is supposed to submit a final recommendation to Congress by Dec. 1, but only once 14 of 18 members agree on the plan.

We’re gathering reactions to the draft report here. The proposal is embedded below:

Co-Chairs’ Proposal


Illustrative List of Recommendations

In February, Judy Woodruff interviewed Bowles and Simpson about the daunting task of reducing debt: