Report from the Bipartisan leaders of President Barack Obama's deficit commission Read the entire article if you're interested in this topic. I have only reproduced a couple of excerpts below. Even with the historic tsunami on November 2nd, politicians still want to do business as usual. Sad.
http://news.yahoo.com/s/ap/20101111/ap_on_bi_ge/us_cutting_deficits
The plan would gradually increase the retirement age for full Social Security benefits — to 69 by 2075 — and current recipients would receive smaller-than-anticipated annual increases. Equally controversial, it would eliminate the current tax deduction that homeowners receive for the interest they pay on their mortgages.
The government reported separately Wednesday that the deficit for last month alone was $140.4 billion — and that was 20 percent lower than a year earlier. The red ink for all of the past fiscal year was $1.29 trillion, second highest on record, and this year is headed for the third straight total above $1 trillion.
Current deficits require the government to borrow 37 cents out of every dollar it spends.
Still, the plan was rejected as "simply unacceptable" by House Speaker Nancy Pelosi, D-Calif., a top Obama ally.
