President Obama's bipartisan commission on reducing the fiscal debt released a proposal on Wednesday calling for limiting the deductibility of mortgage interest payments.

Among the broader call for changes to the tax code and Social Security benefits, the National Commission on Fiscal Responsibility and Reform suggested limiting the mortgage deduction to exclude second residences, home equity loans and mortgages over $500,000.

President Obama created the commission last February to balance the budget by 2015.

The commission's chairmen, Erskine Bowles, a former chief of staff under President Clinton and Alan Simpson, a former Republican senator from Wyoming, presented the report.

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