'Super Congress' Democrats' Budget Plan Would Reduce Debt By $2.3 Trillion

11/09/2011 04:49 pm ET | Updated Jan 09, 2012

WASHINGTON -- The most recent offer by Democrats on a deficit-cutting supercommittee would reduce deficits by $2.3 trillion over the coming decade.

That's a drop from an earlier $3 trillion offer. The Democratic plan would raise $1 trillion in tax revenues over the coming decade and cut spending by $1 trillion as well, with an additional $300 billion coming from lower interest costs for the government.

Republicans immediately countered with a plan in the $1.5 trillion range that would raise $350 billion in tax revenues over 10 years.

The Democratic plan would curb Medicare costs by $350 billion.

The special deficit panel is presently at an impasse.

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