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Bowles said he would announce with Simpson on Friday a new plan to reduce the deficit by an additional $2.5 trillion over the next decade, in addition to the $2.7 trillion in savings already enacted by Congress and the White House. The new plan makes deeper cuts to Medicare and the Pentagon than what President Obama is proposing. Bowles said Obama's plan doesn't go far enough to curb the growth of the government's debt. "We believe it will also solve our nation's long-term fiscal problem and do so without disrupting our very fragile economic recovery," Bowles said. "This plan isn't perfect. It's really tough. The problem is real. The solutions are painful. There is no easy way out." The AP is owned by 1,400 U.S. newspapers and is largely a wholesaler of news. It sells the content it gathers and produces to newspapers, commercial websites and radio and TV stations. ___
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annual-meeting/2013/annual-report/
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