US politicians called today for the mass layoff of government workers, drastic cuts in military spending, increased taxes and higher petrol prices in an effort to curb America's massive budget deficit.

The 58-page proposal from the White House's deficit-reduction commission, called The Moment of Truth, calculates its sweeping proposals would cut $4tn (£2.6tn) from the US deficit by 2020.

"We cannot play games or put off hard choices any longer. Without regard to party, we have a patriotic duty to keep the promise of America to give our children and grandchildren a better life," said the report from Democrat Erskine Bowles and Republican Alan Simpson, the co-chairmen of the bipartisan National Commission on Fiscal Responsibility and Reform. "Our challenge is clear and inescapable: America cannot be great if we go broke."

The report says government spending was nearly 24% of GDP in 2010, a level unseen since the second world war. Tax levels meanwhile were 15% – the lowest since 1950.

Among its proposals the report calls for swingeing cuts in government jobs: 200,000 would go by 2020, roughly 10% of the workforce. It also calls for deep cuts to military spending and a radical overhaul of the tax code that would cut deductions like the one for home mortgage interest.

The report's recommendations are non-binding and the controversial nature of their proposals mean that on Friday, when the 18-member commission votes on the report, the chairmen are not expected to gain the 14 votes needed to issue a formal recommendation to Congress and the White House. The report is, however, expected to frame the debate over budget changes and the country's growing debt.

Ken Goldstein, an economist at US thinktank the Conference Board, said it was highly unlikely any of the proposals would be implemented in the short term. "Bowles and Simpson can't get past their own committee to vote for it," he said.

Goldstein said that while most agreed the US deficit had to be cut, the political and economic cycle meant it was unlikely that major cuts would be made any time soon. "Obama doesn't want to be Cameron. Even if everyone agreed this was the right plan, I don't think he would agree that the economy is strong enough to accept this kind of medicine right now."

Meanwhile, the US would be willing to top up the International Monetary Fund's European bailout fund, a US official told Reuters today.

"There are a lot of people talking about that," said the official. "It is up to the Europeans. We will certainly support using the IMF in these circumstances."

The IMF has so far committed €250bn (£219bn) to the European Financial Stability Facility.