(Image Source: The New York Times)

BY PAUL ROLFE

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It’s literally the moment of truth for the federal deficit. Back in February President Obama created the deficit commission - and Wednesday it released its controversial proposal.

Co-chair of the commission Erskine Bowles reminds ABC this is a difficult and urgent matter.

“Because the problem we face is real. The path we’re on is unsustainable. This debt that is building up is like a cancer. It will literally destroy our country from within if we don’t tackle it.”

The plan’s authors say it will lead to $3.8 trillion in deficit reductions through 2020. Fox News looks at some of the ways they plan on doing that.

Megyn Kelly: “Calling for reductions in the mortgage and child tax credits, cutting about 200,000 federal government jobs in the next 10 years, and raising the retirement age to 68 by the year 2050.”

Jim Angle: “The new plan will reduce future costs in part by making the wealthy pay more. It also freezes both domestic and defense spending for years, eliminates all tax deductions, though some could be added back if paid for. And it uses part of the proceeds to lower all tax rates to 8 to 23 percent.”

In order for the plan to reach the floor of Congress, the commission needs 14 of its 18 members to approve it. They’re voting Friday, and Republican Senator Judd Gregg urges them not to hold out for perfection.

“Now, I’m not in favor of everything in this package. It’s got warts. But you don’t reach consensus in a constitutional government by getting everything you want. I mean that’s where I find it so outrageous that some of the interest groups around here - if they don’t get it exactly the way they want it, they’re against it.” (CNBC)

The vote was delayed to Friday so that the members could thoroughly discuss the plan. CNN’s Jack Cafferty expresses his impatience with their pace.

“This deficit commission -- supposed to come up with some solutions. They’ve issued their final report but they pushed back their vote on the crucial recommendations until Friday because they don’t have the necessary votes on that commission to get anything meaningful done.”

None of the measures in the plan would go into effect until 2012. But let us know what you think -- will this rescue the country from a growing deficit? Or will it end up gathering dust on a shelf?
 

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