The bi-partisan panel appointed in February by President Obama and charged with reducing the mammoth U.S, deficit, has released a draft proposal calling for billions in spending cuts as well as overhauling the tax code in an effort to cut U.S. debt down to 60 percent of GDP by 2024.
Among the panel's recommendations are the elimination of the alternative minimum tax and deep cuts in both military and domestic spending beginning in 2012. The plan is projected to erase roughly $4 trillion from projected deficits through 2020.
The proposal was released Wednesday by the chairmen of the 18-member commission, Erskine Bowles, the president of the University of North Carolina, and former White House Chief of Staff under President Bill Clinton and former Senate Republican leader Alan Simpson from Wyoming.
The plan would reduce Social Security benefits to most future retirees, and levy a higher level of payroll taxes to ensure Social Security's solvency.
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