Detailed text transcripts for TV channel - FOXNEWS - 20110217:20:32:00
>>greg: here are the four areas: tax code overhaul, discretionary spending cuts, medicare and medicaid and social security changes. for example, what kind of tax code overhaul are we talking about jonathan? >>reporter: well, again, based on the president's debt commission which has the idea that if you close a lot of loopholes, and, look, a lost tax breaks we don't really think of as loopholes like, for instance, the deduction you get for charitable giving if you shrink those or eliminate them, you can lower tax rates and raise more revenue. the debt commission saw about $785 billion in additi...