Super Committee Democrats Go Big with $3 Trillion Plan
Super Committee Democrats tasked with finding $1.2 trillion in budget savings have news for Republicans: How about $3 trillion in savings? It's one of the first major leaks from members of the highly-secretive budget-slashing committee and, according to Reuters, it involves a mix of cuts, revenue increases and stimulus spending:
The plan includes a roughly equal mix of spending cuts and revenue increases; between $200 billion and $300 billion in new economic stimulus spending that would be paid for with lower interest payments from reducing deficits; and around $400 billion in Medicare savings, with half coming in benefit cuts and the other half in cuts to healthcare providers.
This is reportedly the first formal proposal Democrats have offered Republicans, which comes as the clock winds down to the Nov. 23 deadline for when the committee must reach agreement on a budget deal to submit to Congress. The Reuters report says Republicans "did not react favorably to the Democratic plan." No doubt because each Republican on the committee has pledged that they would not vote to increase taxes (not to mention the GOP's allergic reaction to the word "stimulus"). Still, the $400 billion in Medicare savings suggests the Democrats are willing to bend. Will Republicans match them?
