21-21 VISION:

Obama panel offers $4 trillion in deficit cuts (Jeanne Sahadi, November 10, 2010, CNNMoney.com)

Set targets for revenue and spending: The report caps taxes at 21% of gross domestic product. It would limit federal spending initially to 22% of the economy and eventually to 21%.

Rein in spending: The proposal makes $200 billion in domestic and defense spending cuts in 2015.

Reform tax code: The report would lower income tax rates and simplify the tax code. It would also abolish the Alternative Minimum Tax and and reduce tax breaks.

Change Social Security: The report aims to make Social Security solvent over 75 years through a number of measures, including a less generous annual cost-of-living adjustment for benefits, and a very slow rise in the retirement age (from 67 to 68 by 2050; rising to 69 by 2075).