Monday's letter contained few specifics, but here is a general outline.

• Raise $800 billion in higher tax revenue over 10 years

• New revenue would come from closing loopholes and deductions while lowering rates.

• Keep the Bush-era tax cuts, including those for wealthier earners targeted by the president.

• Raise eligibility age, increased means testing for Medicare.

• Lower cost-of-living hikes for Social Security benefits.