Lawmakers Target Social Security, Tax Breaks to Reduce Deficit

Lawmakers may embrace plans by President Barack Obama’s debt commission to curb the costs of Social Security and $1 trillion in tax breaks even as comprehensive deficit reduction hinges on whether both parties seek confrontation or accommodation.

While the commission lacked the votes to send its proposal to Congress, bipartisan agreement on the panel will open a debate over the retirement system and the tax breaks, which include the home-mortgage deduction, several lawmakers and analysts said.