The President’s “blue ribbon” debt reduction commission, known as the National Commission on Fiscal Responsibility and Reform, presented its final report on December, 1. The so-called “Moment of Truth” report, offered a bleak view of America’s financial future and made some drastic cost cutting proposals, which included military retirement and health care.
The final report was presented to the 18 member commission for approval before being sent to congress for consideration. However, the $3.8 trillion budget-cutting plan failed to get the support needed to send it on. Although the majority of panel members voted in support of the plan, the report didn't get the required minimum of 14 votes. Five of the dissenting votes came from the panel members who currently hold seats in the House of Representatives.
See the full "The Moment of Truth" report (PDF).
This means that the package of proposed budget-cuts, which includes cost-of-living (COLA) reductions for military retirees and increases in out-of-pocket TRICARE fees, will not be presented to Congress in its current form. However, the President does have the option to include any or all of these suggestions in his budget request in February.
