Highlights of deficit reduction proposals - FoxNews.com

Highlights of deficit reduction proposals - FoxNews.com: "Highlights of proposals by leaders of President Barack Obama's bipartisan deficit commission:"

"— Increase the Social Security retirement age by one month every two years after it reaches 67 under current law. It would reach 68 around 2050 and 69 around 2075."

"— Overhaul individual income taxes and corporate taxes. For individuals and families, eliminate a host of popular tax credits and deductions, including the child tax credit and the mortgage interest deduction. Significantly reduce income tax rates, with the top rate dropping to 23 percent from 35 percent.

— Reduce the corporate income tax rate to 26 percent from 35 percent, and stop taxing the overseas profits of U.S.-based multinational corporations."

"— Reduce congressional and White House budgets by 15 percent, freeze federal compensation at non-defense agencies for three years, cut the federal work force by 10 percent, eliminate 250,000 non-defense contractors and end money for commercial space flight.

— Eliminate noncompetitive spending bills known as 'earmarks.'

— End grants to large and medium-sized hub airports; require airports to fund a larger portion of the cost of aviation security.

— Cut funding for the public broadcasting."

Those sounds like good ideas.