(Washington, DC) -- The presidential commission charged with finding ways to cut the massive federal budget deficit are discussing scrapping or tweaking tax breaks. Specifically they're looking at so-called tax expenditures, like the popular mortgage interest deduction. That deduction alone costs the federal treasury about one-trillion dollars a year. The panel will also address Social Security, a program created 75 years ago when the nation was in the middle of the Great Depression. The system is facing a major financial strain as the 78 million people born between 1946 and 1964, so-called "Baby Boomers" begin retiring in massive numbers. The current United states debt is over 13-trillion dollars and growing. This year alone the deficit is expected to top one-point-four-trillion dollars.
