A Push For New ‘Grand Bargain’ On The Super Committee
Reuters: Democrats Seek Up To $3 Trillion Budget Savings
Democrats are proposing up to $3 trillion in measures to slash the U.S. budget deficit, including revenue increases and significant cuts to the Medicare health insurance program for the elderly. The plan was unveiled on Tuesday at a closed-door meeting of a 12-member congressional panel -- the so-called "super committee" that is assigned the task of finding at least $1.2 trillion in deficit reduction over 10 years, congressional aides told Reuters (Cowan and Smith, 10/26).
The Washington Post: Senate Democrats Offer $3 Trillion Debt Deal
Senate Democrats are urging the debt-reduction supercommittee to pursue a far-reaching agreement to slice $3 trillion from the federal budget over the next decade through significant cuts to federal health programs, including Medicare, and as much as $1.3 trillion in new taxes (Montgomery, 10/26).
The Wall Street Journal: Super-Committee Democrats Offer Up Deficit Reduction Plan -Aides
Senate Democrats on the congressional deficit committee proposed a plan that would reduce federal budget deficits by up to $3 trillion through cutting benefit programs like Medicare and Medicaid and raising new revenue from tax-code changes, congressional aides said. This is the first time broad outlines of a deficit-reduction plan being pushed by one side has leaked from the committee. Until now, the panel members have been tight-lipped about their negotiations. Several aides said the proposal was backed by a majority--but not all six--of the Democrats on the deficit committee (Boles and Hook, 10/26).
The Hill: Supercommittee Dems Push For Stimulus To Be Part Of Deficit Deal
Democrats on the congressional supercommittee this week presented Republicans with a plan to cut the deficit that included billions of dollars in stimulus spending, aides told The Hill. ... More than 50 percent of the deficit reduction in the plan would come from tax increases, one source said. ... Co-Chairman Jeb Hensarling (Texas) emphasized the need for the supercommittee to tackle Medicare, Medicaid and Social Security. ... He said the supercommittee must devise "quality healthcare and quality retirement security solutions" in order to meet its mandate to "significantly improve the short-term and long-term fiscal imbalance" (Wasson, 10/26).