Democrats on the congressional deficit-reduction supercommittee offered a collection of plans similar to what President Barack Obama suggested during the debt-limit debate earlier this summer, according to a congressional source.
Democrats offer deficit plans similar to Obama's
Although congressional officials would not discuss the total cuts or tax increases proposed in a closed-door session Wednesday of the Joint Select Committee on Deficit Reduction, they confirmed that the overall plan was based on Obama's proposal for $3 trillion worth of reductions in federal deficits over the coming decade. The details of Obama's plan were never officially released but congressional sources said they included about $2 trillion in cuts and $1 trillion in taxes. The deficit group is charged with identifying at least $1.2 trillion in 10-year deficit reductions to avoid automatic cuts of that amount, including a 2% Medicare provider cut.
The proposal was issued by a majority—but not all—of the Democrats on the panel, including Sen. Max Baucus (D-Mont.).
When the proposal was presented Wednesday, its tax provisions met with strong resistance from the deficit panel's Republican members, including Sens. Jon Kyl of Arizona and Rob Portman of Ohio, according to a congressional source.
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