The co-chairmen of President Obama’s fiscal commission released the final draft of an extensive plan Wednesday on how the U.S. can reduce the national deficit.

U.S. Capitol (Creative Commons)

Officials note that this new plan would cut the country’s $13.7 trillion debt by $3.9 trillion over the next 10 years.

The proposal plans an extreme cut of military spending along with a higher retirement age and may cost the average taxpayer an additional $1,700 a year.

Other members of the bipartisan committee, however, were quick to demonstrate their opposition to the plan.

To get to Congress, the plan would need 14 votes from the 18-member panel, which does not appear likely.

Additional components of the plan include a restriction on discretionary spending through 2020 and Social Security reform.

"Even after the economy recovers, federal spending is projected to increase faster than revenues, so the government will have to continue borrowing to spend,” the report said. “If we do not act soon to reassure the markets, the risk of a crisis will increase, and the options available to avert or remedy the crisis will both narrow and become more stringent.”

Committee members argued over what issues in the plan are the most critical. 

Rep. Jan Schakowsky (D-Ill.) says she would vote against it because the middle and lower class would suffer the most from the proposed cuts, while Rep. Paul Ryan (R-Wisc.) supports spending cuts but believes the healthcare reform is unsatisfactory and would lead to public option.

"This is just the down payment of what are some very real, difficult sacrifices that everyone in this country is going to have to make," said Sen. Tom Coburn (R-Okla.).

Regardless of the vote’s outcome, the committee cautioned that a "do-nothing plan" would ultimately lead to a cut in benefits across the board, which would be far worse.

"While there are things in this plan I dislike intensely, there are also things in this plan I think are grand-slam home runs for the American economy. I don't see another alternative. I just don't,” said Kent Conrad, chair of the Senate Budget Committee.

This 59-page proposal, called “The Moment of Truth,” will have its final vote Friday.

"We're not interested in 14 votes for whitewash. The problem is just too plain big and too important for our country," said Debt Commission co-chairman Erskine Bowles.

Co-chairman Alan Simpson said even if Friday’s vote is rejected, the issues will continue to resurface, especially since many Republicans oppose any attempt to raise the nation’s debt limit next spring.

Reach reporter Stevee Jo Eads here.

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