Will we lose mortgage deductions, Medicare?

The Seattle Times reports:

The chairmen of President Obama's national debt commission painted a gloomy picture Sunday as the United States struggles to control its spending.

Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association that everything needs to be considered — including curtailing popular tax breaks, such as the home-mortgage deduction, and instituting a financial trigger mechanism for gaining Medicare coverage.

Could American go on without Warren Buffett getting Medicare?