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Debt commission puts out preliminary proposals - Yahoo! Finance
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In a surprise move Wednesday, the co-chairmen of President Obama's fiscal commission released their preliminary proposals to curb growth in U.S. debt.
The report from Erskine Bowles and Alan Simpson recommends spending cuts beginning in 2012, as well as tax reform and other ways to reduce the deficit by $4 trillion over the next decade.
Three quarters of the $4 trillion would be achieved through spending cuts -- including defense -- and the rest from more tax revenue
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