Big changes to the U.S. tax code should be part of an overall plan to address the issue of federal debt.

The fight over the debt ceiling — which included an agreement to cut more than $900 billion in federal spending — was a doozy.

But the upcoming negotiations by a special congressional committee on deficit reduction will be even more important — for both political parties.

Democrats want tax increases while Republicans want spending reductions.

But there's one more big issue that has to be a part of the formula — reform of the federal tax code in a way that eliminates deductions and reduces overall tax rates.

Illinois U.S. Sen. Dick Durbin laid down a marker for tax reform last week, saying that his fellow Democrats would push for the change. Republicans should welcome Durbin's suggestion.

The proposal to reform the tax code — something akin to President Reagan's historic 1986 revision of the tax code — is nothing new. It's been suggested many times, most recently by the members of President Obama's fiscal responsibility commission.

The proposal calls for eliminating or reducing many of the deductions that are available in the federal tax code. At the same time deductions are reduced, the overall rates also could be dropped.

Durbin said that the various deductions available through the tax code cost $1.2 trillion a year. But he also noted that more than six of 10 individual taxpayers take the standard deduction on their income taxes and do not itemize.

"... So they aren't taking advantage of the tax code, but for the exclusion of health insurance premiums by employers or refundable tax credits," he said.

There are, of course, sacred cows among the many available deductions, mortgage interest and charitable donations to name just two. But those could be modified in ways that could be acceptable, like eliminating mortgage deductions for interest on a separate home. There are all kinds of ways to address this issue.

The vast majority of tax deductions make their way into the tax code because powerful groups pushed for them, not necessarily by merit. They would not be missed by most.

Durbin is absolutely right that reforming the code should be a top priority for both parties. It offers each something they believe in — eliminating deductions for Democrats and lower rates for Republicans.

As a leading Democrat in the Senate and a veteran of Obama's fiscal responsibility commission, Durbin is well situated to serve on this bipartisan 12-member House and Senate panel. But whether he is named to the panel or not, his suggestion should be given a high priority.