We're Getting The First Details From The Commission To Reduce The Deficit

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Photo: The Associated Press

The President’s deficit commission has just come through with their proposal for budget cuts, and they total $200 billion by 2015.The cuts are wide ranging and include cuts to defence, Social Security, and, oddly, taxes.

Here are the details in brief:

  • Tax cuts: lowest rate to 8%, high end to 23%.
  • Corporate tax cut: From 35% to 26%.
  • Social Security full benefit age raised to 68.
  • 10% of federal jobs cut by 2015, worth $13.2 billion.

The long term goal is to reduce the deficit by $3.83 trillion by 2020. That’s a lot more than the $200 billion headline number.

Right now, this plan doesn’t stand a chance of getting out of commission and into the Congress for a vote, according to NPR.

Here are the big cuts the Republicans might make to the U.S. budget >

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