The plan will be unveiled Wednesday with a vote scheduled for Friday.
More detail on this clip is here...
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WASHINGTON (AP) - The members of President Barack Obama's deficit commission will begin to go on the record Wednesday as they debate politically explosive budget cuts, including proposals to lower Social Security benefits, in a revised plan to wrestle the national debt under control.
The new plan by panel co-chairmen Erskine Bowles and Alan Simpson, to be unveiled Wednesday, faces an uphill slog because of proposals to raise the Social Security retirement age and lower cost-of-living increases, cut Medicare costs, curtail a huge assortment of tax breaks, like the deduction for mortgage interest, and almost double the federal tax on a gallon of gasoline.
Though the plan appears unlikely to win enough bipartisan support from the panel to be approved for a vote in Congress this year or next, Bowles has already declared victory, saying he and Simpson have at least succeeded in initiating an "adult conversation" in the country about the pain it will take to cut the deficit.
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A few more links...
Deficit Panel Cancels Public Meeting - WSJ
A Road Show of Sorts for Debt Panel Chiefs - WSJ
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