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

Fiscal Commission Co-Chairs Simpson And Bowles Release Eye-Popping Recommendations  —  The White House's fiscal commission's co-chairs, Erskine Bowles and former-Sen. Alan Simpson today released their draft recommendations on how to reduce the country's budget deficit.

There is no report from the fiscal commission  —  Here is the most important fact about the proposal released by the co-chairmen of the National Commission on Fiscal Responsibility and Reform: It is not the commission's report.  And here is the second most important fact to remember …

Unserious People  —  OK, let's say goodbye to the deficit commission.  If you're sincerely worried about the US fiscal future — and there's good reason to be — you don't propose a plan that involves large cuts in income taxes.  Even if those cuts are offset by supposed elimination of tax breaks elsewhere …