Could deficit reduction really happen?

There is a highly encouraging piece on potential deficit reduction in The Washington Post that contains more bi-partisanship than anything I've read it some time.

After an election dominated by vague demands for less debt and smaller government, the sacrifices necessary to achieve those goals are coming into sharp focus. Big cuts at the Pentagon. Higher taxes, including those on home ownership and health care. Smaller Social Security checks and higher Medicare premiums.

The changes to Social Security would be phased in over the next 65 years ....

Social Security is proving to be the most emotional issue. Over the next 65 years, Bowles and Simpson would gradually raise the early retirement age from 62 to 64 and the standard retirement age from 67 to 69. They would reduce scheduled benefits for better-off retirees and use a less-generous measure of inflation to calculate cost-of-living increases. And they would guarantee higher benefits to the poorest and oldest retirees, those most in need of additional support.