We won’t agree with all of them, of course, but it’s not terrible from what I can tell. Some of their recommendations:

• Reform entitlement programs.
• Reduce contributions to the UN.
• Charge fees at the Smithsonian and NPS.
• Sell excess federal property.
• Eliminate earmarks
• Merge Commerce Department and Small Business Administration.
• Cut federal workforce by 10%.
• Reduce Congressional and White House operating budgets.
• End grants to larger airports.
• End subsidies for commercial spaceflight.
• Cut waste at Justice Department.
• Kill some Army Corps and State Department projects.

There are more but you get the gist. Overall, we’re talking $100 billion cut from domestic spending and $100 billion from defense spending. Which is great but the deficit for this year alone is $1.3 trillion. The plan also includes taxing people more in order to fund Social Security. Oh, and reducing the number of tax exemptions.

So about $200 billion in specific cuts and then higher taxes to pay for Social Security and a reduction in tax exemptions. Oh, and the commission wants higher capital gains tax, which common wisdom suggests would repress investment. Somehow I don’t see this being adopted as a package deal.

Update: Oh, and you’ll no longer be able to write-off the interest on your mortgage. So it’s a tax hike on the middle class. That should be popular.

Update X2: Drew:

They want to repeal state and local tax deductions.

Looks like the mortgage thing only applies to 2nd homes and mortgages over 500K, not entirely.

They also say roll non-defense, discretionary spending back (starting in ’12) to 2010 levels. In other words, lock in all of the Obama spending forever and always.

They can go f*ck themselves.

Yeah, that’s a non-starter.