WASHINGTON — Leaders of President Barack Obama's bipartisan deficit commission on Wednesday proposed reducing the annual cost-of-living increases in
Social Security, part of a bold plan to control $1 trillion-plus budget deficits.
The proposal, which is not the final recommendation of the panel, also would set a tough target for curbing the growth of Medicare and recommends looking at eliminating popular tax breaks, such as mortgage interest deduction.
The panel will also recommend raising the retirement age to 68 by 2050 and to 69 by 2075, CNBC reports citing sources familiar with the draft proposals.
Deficit panel leaders' plan curbs Social Security - Politics - msnbc.com