How To Cut $4 Trillion From The Nation's Deficit

By Scott Sarvay

December 1, 2010 Updated Dec 1, 2010 at 7:15 PM EDT

WASHINGTON (Indiana's NewsCenter) - The "Debt Commission" released an updated report, Wednesday afternoon making recommendations on how to cut the nation's deficit by $4 trillion over the next 10-years.

Some of the panel's recommendations to include...

Reforming the tax code by lowering rates, but scaling-back tax breaks. Gradually raising the full retirement age to 69 and reducing social security benefits for wealthier recipients.

Co-Chairman of the Debt Commission, Erskine Bowles says, “The problem is real. The solutions are all painful. And there is no easy way out.”

Difficult as the commission's recommendations are They would not actually balance the budget.

And if just five of the 18 commission members vote "no” The plan won't officially go to Congress.

Also happening in Washington Wednesday morning, the White House-Congress tax meetings kicked off.

Treasury Secretary, Tim Geithner and Office of Management & Budget Director, Jack Lew went to the Hill to meet with representatives of each caucus.

Geithner says, “We had a very civil constructive discussion, very much in the spirit of the meeting at the White House yesterday. No surprises,"

The Bush Era Tax Cuts are set to expire at the end of the year.

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