Friday, October 28, 2011

AP sources: Supercommittee Dems outline offer (AP)

WASHINGTON ? Congressional officials say Democrats on the so-called supercommittee are offering to slow the growth in future Social Security benefits as part of a multitrillion-dollar deficit-reduction package of increased tax revenue and cuts in spending.

The plan also envisions using a part of the savings to fund measures to create jobs, as President Barack Obama has called for.

The proposal was outlined on Tuesday in a closed-door meeting of the special congressional committee that has until late next month to recommend at least $1.2 trillion in deficit savings. Republicans presented a counter-plan Wednesday. Details are unknown.

In all, officials say Democrats proposed to raise revenue by about $1.3 trillion over a decade and cut spending by the same amount.

They spoke on condition of anonymity, citing committee confidentiality rules.

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/ap/20111026/ap_on_go_co/us_supercommittee_debt

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