Retirement age would rise to 69 by 2075 as one of the reforms proposed in a draft plan from President Obama's deficit commission.
The chairmen of Obama's debt commission have outlined a plan designed to show that progress is possible in reducing the national debt – if Americans agree to make tough compromises.
Democrat Erskine Bowles, chief of staff to President Clinton, and Republican Alan Simpson, former senator, have crafted a deficit reduction and tax code reform plan that spreads the spending cuts across the government with innovative ideas for increasing revenues.
Under the proposal, Medicare spending, Social Security, the Pentagon's budget, and earmarks would be curtailed in a plan that cuts $3 in spending for every $1 in tax increases.
The secret to cutting rates and increasing revenues? President Reagan knew it, as do President Obama's fiscal commission co-chairs, Democrat Erskine Bowles and Republican Alan Simpson.
The co-chairs of Obama's deficit-reduction panel issued a proposal to reduce the national debt by $4 trillion in 10 years. But the budget cuts and tax increases promise to anger just about everyone.
In the past, White House Chief of Staff Rahm Emanuel has expressed an interest in being mayor of Chicago. The position will be open in 2011. If Emanuel leaves, it could have a knock-on effect.
Social Security turned 75 on Saturday. But with fiscal problems looming, are its future birthdays numbered?
At the first meeting of the bipartisan commission to tackle the federal deficit Tuesday, nothing was taken 'off the table' – not spending cuts, higher tax rates, or a 'value-added tax.'