Details of the Democratic supercommittee members’ initial offer to their Republican counterparts have leaked, and they show that the plan offers far greater concessions than anyone expected.
The Democratic proposal calls for $1.3 trillion in increased tax revenue, along with similar amounts in discretionary spending cuts. The plan would also include $475 billion in cuts to Medicare and Medicaid, including $200 billion in Medicare beneficiary cuts. In total, the Democratic plan would reduce the deficit by more than $3 trillion dollars over the coming decade.
Copyright 2011 The National Memo