Deficit Cuts: What's Worse, Raising The Retirement Age or Paying More at The Pump?

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Nov. 11, 2010— -- The bipartisan White House commission to reduce the national deficit proposed a plan Wednesday to make sweeping cuts to federal spending along with tax increases to lower the country's growing debt.

Some of the proposed measures include a rise in the Social Security retirement age, cuts to Medicare, a 15-cent a gallon tax increase on gasoline and a reduction in the Pentagon's budget.

The ballooning debt is at $13.8 trillion and growing. If the plan were to pass, it would cut the deficit by $4 trillion over the next decade. The cuts wouldn't go into effect until 2012.

It has long been known that dealing with the twin problems of the looming insolvency of social welfare programs like Social Security and Medicare, and paying down the national debt, will require real sacrifice by Americans.

Our question to you today: What's Worse, Raising The Retirement Age or Higher Taxes?

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ABC News' Matthew Jaffe and Z. Byron Wolf contributed to this report.