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The plan faced an uphill struggle to win sufficient backing to trigger a congressional vote. Even if that happens, analysts predict Congress won't take substantive steps to reduce the deficit this year.

Changes made to the plan included dropping a proposal to kill the popular mortgage interest tax deduction, as had been recommended on November 10. The revised version proposed a limited, 12 percent mortgage interest tax credit.

In an attempt to attract backing from elected lawmakers on the 18-member commission, the revised plan also backed off a proposal to tax capital gains and dividends as ordinary income and suggested a 20 percent investment income exclusion.

Two key senators -- Democrat Kent Conrad and Republican Judd Gregg -- said they would support the plan at a meeting on Wednesday. A final commission vote is set for Friday.

The panel's co-chairmen need 14 "yes" votes to trigger a congressional vote on the proposal. President Barack Obama set up the commission in February.

The panel's revised plan envisages reducing the budget deficit to 2.3 percent of gross domestic product by 2015, from 8.9 percent in the last fiscal year -- a figure bloated by efforts to lift the U.S. economy out of its deepest recession since the 1930s, Bush-era tax cuts and two costly wars.

To accomplish that goal, the plan urges deep cuts in military and domestic programs starting in 2012, a 15 cent per gallon hike in the gas tax and requiring Medicare participants to pay more costs themselves. It also recommends raising the age for receiving Social Security benefits.

SEVEN VOTES FOR PLAN

At Wednesday's meeting, seven commission members, including co-chairmen Erskine Bowles and Alan Simpson, expressed support for the plan; one member voiced opposition; and the remainder expressed concerns without committing one way or the other.

Bowles was chief of staff for former Democratic President Bill Clinton. Simpson is a former Republican senator.

Bowles vowed not to retreat from the hardest-hitting aspects of the plan, a result of months of debate. "Al and I are not going to wimp out. For us, it's go big or go home ... We're not interested in 14 votes for a whitewash," Bowles said.

Democratic Representative Jan Schakowsky, a commission member, said "I can't support it and will be voting no."

Republican Representative Paul Ryan said: "I don't believe this sufficiently fixes the healthcare problem."

AARP, which represents millions of older Americans, said the plan would cut Social Security too deeply and raise Medicare costs for beneficiaries.