U.S. Debt Proposal Would Cut Social Security, Medicare

By Heidi Przybyla and Brian Faler
Nov 10, 2010 12:53 PM ET

Erskine Bowles, co-chairman of the National Commission on Fiscal Responsibility and Reform. Photographer: Andrew Harrer/Bloomberg
The co-chairmen of President Barack Obama’s debt-reduction commission will propose cuts to Social Security and Medicare, as well as reductions in income tax rates in exchange for curbing tax breaks, according to a Republican aide who attended the meeting.

The chairmen’s plan is already causing some Democrats and Republicans on the 18-member commission to balk. The plan will be announced at 1 p.m. Washington time today, said commission spokesman Fred Baldassaro.

“This is not a package that I could support,â€