 In February 2010 , President Obama formed the bipartisan Bowles – Simpson Commission to recommend steps that could be taken to reduce future budget deficits . The commission released its report on November 10 , 2010 , which recommended deep domestic and military spending cuts , reforming the tax system by eliminating many tax breaks in return for lower overall rates , and reducing benefits for Social Security and Medicare . The plan did not receive the supermajority vote within the commission which it needed to be directly sent to Congress , and portions of the plan were rejected by both parties . 
