The chairmen of President Obama’s bipartisan commission on reducing the national debt unveiled a major package of spending cuts and tax increases on Wednesday calling for deep cuts in domestic and military spending, a gradual 15-cents-a-gallon increase in the federal gasoline tax, limiting or eliminating popular tax breaks in return for lower rates, and benefit cuts including increasing the retirement age for Social Security. The proposed changes, which would not take effect before 2012, would erase nearly $4 trillion from projected deficits through 2020. Here is a summary of the key recommendations:
