God Almighty. The barbarians have reached the gate for our Social Security and Medicare.

3:35 PM ET THE DETAILS

The draft put out by the commission chairs has been released, coming in at 50 pages. The overarching goal, Simpson and Bowles write, is to achieve "nearly $4 trillion in deficit reduction through 2020" while reducing "the deficit to 2.2% of GDP by 2015."

How they get there is going to be a matter of contention as other commission members have already stressed their displeasure with the suggestions. But here are a few of the more noteworthy suggestions.

• Roll discretionary spending back to FY2010 levels for FY2012, requires 1% cut in discretionary budget authority every year from FY2013 though 2015;

• Fully offset the cost of the "Doc Fix" by asking doctors and other health providers, lawyers, and individuals to take responsibility for slowing health care cost growth;

• Reduce farm subsidies by3 billion per year by reducing direct payments and other subsidies;

• Achieve100 billion in Illustrative Defense Cuts;

• Index retirement age for Social security to increases in longevity. "This option is projected to increase the age by one month every two years after it reaches 67 under current law, meaning the normal retirement age would reach 68 in about 2050 and 69 in about 2075." There will be a "hardship exemption" for those unable to work beyond 62;

• Give retirees the choice of collecting half their benefits early and the other half at a later age to minimize impact of actuarial reduction and support phased retirement options;

• Reduce corporate tax rate to 26% and permanently extend the research credit;

• Gradually increase gas tax to fund transportation spending.

3:28 PM ET Debt Commission Targets Social Security, Medicare

Today's upcoming report by the White House's fiscal commission is expected to include recommendations to raise the retirement age for Social Security and cut Medicare benefits -- two policy prescriptions that will be met with deep opposition from Democrats and some Republicans -- according to a source who has been briefed on the proposal.

The chairmen of the commission will unveil their overarching recommendations for debt and deficit reduction on Wednesday afternoon, weeks before the official unveiling is expected.

The findings are not the final report of the commission, officially known as the National Commission on Fiscal Responsibility and Reform. Rather they are the specific suggestions of its two chairs, former Sen. Alan Simpson and former White House Chief of Staff Erskine Bowles. The ultimate findings will require the support of 14 members of the 18-member commission. And at this juncture it is unclear if the votes are there, sources familiar with deliberation say.

In the process of pursuing their reforms for Social Security and Medicare, the commission chairs are expected to suggest that the end result will be a 70 percent cut in benefits and 30 percent increase in revenues, according to the source familiar with the upcoming announcement.

"What a crazy proposal, what a crazy proposal," said a Democratic source briefed on the findings. "I expect that the White House is going to distance itself big-time from this, saying this is just the chairman not the commission."

4:04 PM ET Grijalva: A Plan That Favors The Wealthy

Statement from Rep. Raul Grijalva (D-Ariz.), who helped organize a letter of lawmakers opposing debt commission cuts to Social Security: