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The Deficit Commission's Specific Recommendations

(AP)
(AP)

We're talking Monday about the newly released draft recommendations of the bipartisan deficit commission — formally known as the National Commission on Fiscal Responsibility and Reform. Here's an overview of what the commission is proposing.

The commission has also presented an "illustrative" plan of how America could save $200 billion annually, eliminating $100 in defense spending and another $100 billion from the domestic government side  -- link to the specifics here.

The commission says it has five basic recommendations:

1. Enact tough discretionary spending caps and provide $200 billion in illustrative domestic and defense savings in 2015.
2. Pass tax reform that dramatically reduces rates, simplifies the code, broadens the base, and reduces the deficit.
3. Address the “Doc Fix” not through deficit spending but through savings from payment reforms, cost-sharing, and malpractice reform, and long-term measures to control health care cost growth.
4. Achieve mandatory savings from farm subsidies, military and civil service retirement.
5. Ensure Social Security solvency for the next 75 years while reducing poverty among seniors.

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