Social Security hasn't contributed to the deficit and it doesn't need much to put it on a sound financial footing for the forseeable future. Changes in SS should be handled separately from deficit negotiations, and all the alternatives for "fixing" it should be considered, including raising the earnings cap, rather than focusing only on "chain CPI." I resent having my pocket picked by chain CPI in order to make up for the Bush deficits caused by tax cuts for the rich, two unnecessary wars, and an unfunded Medicare drug plan written by drug industry lobbyists. As a part of SS discussions, needed improvements in 401k regulations should be adopted to increase the participation rate and to eliminate excessive administrative and other costs which are a problem in many plans.
I recognize the need to deal with the deficit, but I wouldn't be in too big a hurry to start cuts and revenue increases while unemployment is still high. The biggest target for cuts should be the bloated military budget and many unnecessary military bases which the U.S. maintains in some 130 foreign countries. Eisenhower was correct in his valedictory warning about the military-industrial complex.