BUDGET

Deficit Panel Wants to Curb Social Security

The president’s commission to rein in the deficit released its massive proposal Wednesday that starts by limiting costs in Social Security and Medicare. Led by former Clinton Chief of Staff Erskine Bowles and former Republican Senator Alan Simpson, (R-WY), the panel wants to “change the inflation measurement used to calculate the cost-of-living adjustments for program benefits.” In other words, a reduction in cost-of-living increases for Social Security. Also proposed: dropping more than $100 billion in annual tax breaks. In the end, the goal is to cut the deficit by $4 trillion over the next decade.