Deficit-Cutting Plan Receiving Plan

By: Associated Press
By: Associated Press

WASHINGTON (AP) - There's finally some praise for the deficit-cutting ideas that were put forward by the leaders of President Barack Obama's bipartisan panel.

The U.S. Chamber of Commerce says it agrees that "any solution
will require commitment and sacrifice on both the spending and
revenue fronts."

But the ideas are coming under fire from elsewhere. The head of
the AFL-CIO describes the proposals as a "drop dead" message to
working Americans. And anti-tax activist Grover Norquist is
criticizing the $1 trillion in tax increases over the coming decades.

Some popular tax breaks -- including the child tax credit and the mortgage interest deduction -- would be eliminated.

The proposal would raise the regular Social Security retirement
age to 68 by about 2050, and to 69 in 2075. Currently, the full
retirement age is 66.

The chairmen of the panel concede that the plan is so controversial, it's dead on arrival. But they said putting it forward would bring a more realistic debate about what it will take to solve the nation's fiscal troubles.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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