A presidential commission on deficit reduction as well as a bipartisan panel of lawmakers, led by the former Sen. Pete Domenici of New Mexico, came up with draft plan on how to control the runaway deficit. The bipartisan panel released the draft on November 17, 2010. The recommendations of Domenici and Rivlin (named after former member of Congress and Clinton administration's Budget Director Alice Rivlin) panel included:
* Reduction of deficit by nearly $5.9 trillion from 2012 to 2020 (Domenici-Rivlin Panel plans to save $2 trillion more in savings than offered by the Presidential Commission co-chaired by former Sen. Alan Simpson and former White House Chief of Staff Erskine Bowles);
* Exemption of employers and employees from the 12.4% payroll taxes for Social Security for 2011;
* Simplifying individual tax rates into two slabs of 15% or 27% instead of current six slabs with the maximum rate at 35%;
* Reduction of corporate tax rate from the current level of 35% to 27%;
* Replacement of deductions for mortgage interest and chartable giving by 15% tax credits.
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