Obama Commission About to Launch Massive Debt-Reduction Plan

Any minute now, President Barack Obama's bipartisan commission on reducing the federal debt will release a draft calling for a tax code overhaul and deep cuts in miliatary and domestic spending starting in 2012.

The idea, according to the New York Times, is to whack off close to $4 trillion from all projected deficits for eight years -- till 2020.

Future retirees can expect a reduction in their Social Security benefits -- unless they fall in a lower pay bracket. Also, those who earn in high tax brackets will see more of their pay taxed. It's all to keep Social Security solvent for 75 years or longer.