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Released: November 11, 2010
Panel seeks Social Security cuts and tax hikes
Source: Jackie Calmes, N.Y.Times (Free Registration)
The chairmen of President Obama’s bipartisan commission on reducing the national debt outlined a politically provocative and economically ambitious package of spending cuts and tax increases on Wednesday, igniting a debate that is likely to grip the country for years.
The plan calls for deep cuts in domestic and military spending, a gradual 15-cents-a-gallon increase in the federal gasoline tax, limiting or eliminating popular tax breaks in return for lower rates, and benefit cuts and an increased retirement age for Social Security.
Read Full Article: Panel seeks Social Security cuts and tax hikes
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