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Five ordinary Americans offer solution to debt crisis

Five ordinary Americans offer solution to debt crisis

While Congress has been in gridlock for weeks over debt talks, ABC News asked five regular Americans--varying in age, gender and ideology--what measures they would take to raise the debt ceiling and cut federal spending. After looking at possible tax increases, subsidies and entitlement, the group came up with $2.5 trillion in deficit reduction. And it only took an hour.

Some specific adjustments they made to the budget:

  • They said no to eliminating home mortgage deduction
  • They agreed on raising the retirement age to 68
  • They agreed to increasing the corporate tax rate by 1 percent
  • They agreed on ending ethanol and farm subsidies

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