WSJ NEWS ALERT: Deficit Commission Chiefs Outline Possible Spending Cuts


The co-chairs of a deficit commission established by the White House would seek to limit the federal spending on health care, gradually raise the retirement age, and lower the corporate tax rate to 26% according to a draft set of proposals released Wednesday.

The sweeping plan is likely to provoke a political firestorm. It touches many of the third rails of politics, including defense spending, social security and middle-class tax breaks long seen as inviolate.