Firing the starting gun on what is sure to be a brutal political debate, co-chairs of the bipartisan panel proposed "painful" cuts to defense, domestic and welfare spending as well as an overhaul of the fiendishly complex US tax code.
Warning "America cannot be great if we go broke," the panel outlined quick reductions to bring the deficit under control and more radical reforms to reduce long-term debt which currently stands at over 14 trillion dollars.
"Our economy will not grow and our country will not be able to compete without a plan to get this crushing debt burden off our back," the chairs warned.
