Deficit Panel Final Recommendations: Raise Social Security Retirement Age, Curb Benefits

erskine bowles

Deficit commission chairs Erskine Bowles and Alan Simpson just revealed their final plan. It includes attacks on social security, with a higher retirement age and curbed benefits, according to the AP.

Aside from a few reductions increases to domestic spending cuts, the revised plan is expected to look like the original.

The 18-member panel will vote on the plan on Friday. With 14 votes, the plan will move on to Congress.

However, there’s no guarantee the controversial plan will pass. The 12 Congressmen on the panel have split down party lines, according to the NYT, with the Democrats opposing entitlement cuts and the Republicans opposing tax increases.

Learn more about the proposed cuts >

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