U.S. debt-reduction panel has a Dec. 1 deadline for proposals

U.S. President Barack Obama's bipartisan debt-reduction commission is scheduled to begin meeting behind closed doors shortly after the midterm elections. The panel will have only a few weeks to reach agreement on its recommendations to Congress on how to narrow the budget deficit. Co-Chairman Erskine Bowles said none of the proposals should take effect before 2012 to avoid undercutting the fragile economic recovery.

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