Obama's Fiscal Commission releases its recommendations. A sampling:

• Raise retirement age to 69.
• Cap Medicare.
• Eliminate all earmarks.
• Eliminate the Office of Safe and Drug-Free Schools.
• Freeze federal worker wage increases through 2014; eliminate 200,000 federal jobs by 2020; and eliminate 250,000 federal non-defense contractor jobs by 2015.
• Eliminate subsidized student loans
• Cut $900 million in fossil fuel research funds.
• Eliminate funding to the Corporation for Public Broadcasting
• Establish co-pays in the VA medical system and change the co-pays and deductibles for military retirees that remain in that system
• Eliminating taxes on revenues companies earn abroad.
• Tort Reform

While they also reduce some military spending, mainly the elimination of specific programs, this is basically a Republican's wish list. Remember that this was a commission created by a nominally Democratic president, which he created after Congress voted against creating their own version.

This is the "chairman's mark", which means it's the recommendations of the two chairmen, not the full committee's list. They had to release it early because other members of the committee were apparently revolting (and/or revolted by the proposals).

I'm sure this will never even get voted on, let alone enacted. Obama will have to come out against it if he wants his base to vote for him in 2012. Still, at best, this is a PR disaster for the president.

Update: This so-called deficit reduction plan also lowers taxes:

Under the plan, individual income tax rates would decline to as low as 8 percent on the lowest income bracket (now 10 percent) and to 23 percent on the highest bracket (now 35 percent). The corporate tax rate, now 35 percent, would also be reduced, to as low as 26 percent.

Atrios calls it the The Democratic Party Self-Destruction Act .

Update II: Kevin Drum looks at where the plan focuses vs. where our deficit problems really are, and concludes:

Bottom line: this document isn't really aimed at deficit reduction. It's aimed at keeping government small. There's nothing wrong with that if you're a conservative think tank and that's what you're dedicated to selling. But it should be called by its right name. This document is a paean to cutting the federal government, not cutting the federal deficit.

Remember, again, this is Obama's commission. He created it, and he appointed these people to lead it.