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

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.

Comments

[ivorykeys87]

01:55 AM on 11/19/2011

With spending deficits of over 1 trillion since 2008, cutting 2.3 trillion over a decade is laughable. Lets just say over spending stays flat at 1 trillion for ten years, and we cut this 2.3 over the next ten years. Yup, still an addition of 7.7 trillion in debt at the end of the decade, a total of 22.73 trillion in debt.

[SisterAnn]

12:24 PM on 11/11/2011

This country has gradually been set up to take care of the wealthy and big business.

About the only way a person can get money is when the doctor cuts off the good leg instead of the cancerous leg. The cancerous leg has to be taken off too, leaving the patient without a leg. The doctor may be a drunk or ignorant, the patient could get a cash settlement for the loss of the good leg..

Now Mica on Morning Joe wants to cut out medical lawsuits. Pampered Mica raised on our tax money paid to her daddy has no clue about the middle class. She is definately not a democrat.
She is as bad as Fox, but is sneakier.

There isn't much left except to win the lottery or inherit. Most of us can't do that. We need to start a new game. I don't want to play this game any more. You can't win playing this game.

.

[mendelcrosses]

01:09 PM on 11/10/2011

Let me guess,over 90% of the cuts will come from social services and education programs and may be to pretend they are cutting everywhere,a paltry 1% will come from Defence sector.

[Oletech71]

12:41 PM on 11/10/2011

The super committee meetings should be open to the public so that we can see who is working to solve the problems and who is playing politics. We have to wait for the biased reports of the members when we could be watching for ourselves. One thing that I would demand is that any and all tax increases be applied directly to pay down the debt. I have a feeling that if that demand was met the Democrats would lose interest in tax increases on business. The Democrats are looking for more money to spend while the meetings are all about cutting spending.

[labman]

11:04 AM on 11/10/2011

You first have to take a look at Congressional math. In all equations except Congressional ones 51% equals a majority. In Congress, it's 60%.
Taking that into consideration, their numbers all make perfect sense.

[madison1234]

10:13 AM on 11/10/2011

Where are the facts in this?

[Schoolgirl666]

09:39 AM on 11/10/2011

If what the Republicans claim is true, that a trillion dollars can be saved by reducing medicare fraud, why isn't the House doing anything about it?

[missmanners]

10:26 AM on 11/10/2011

Too busy regulating women’s medical decisions for them.

[Robert Gambee Sr]

10:53 AM on 11/10/2011

It's just a talking point with some but little basis in fact.
If they REALLY want to cut the deficit in a Bi-Partisan way, they have to give in to their constituants and agree to raise taxes. The fact that they choose to stay loyal to "The Grover", pretty well shows that their intentions have nothing to do with the good of the country, and everything to do with the good of the future campaign feeding trough.

[ashley522159]

12:50 AM on 11/11/2011

maybe you should read the story again. the republican plan introduced has increases in taxes

[JonnyLogic]

09:10 AM on 11/10/2011

Everyone knows the R's in the committee won't agree to allow anything beneficial to the Democrats.

[Oletech71]

12:43 PM on 11/10/2011

That might be because anything beneficial to the Democrats is not beneficial to the country'

[JonnyLogic]

01:35 PM on 11/10/2011

Or the more likely reason, anything beneficial to the country, is not beneficial to Republicans getting elected in 2012.

[Bumpkins]

08:36 AM on 11/10/2011

Lets move along, almst one year of Congress doing nothing. We can start the same bull in January......it is about jobs, jobs, jobs, but do nothing.

[Bumpkins]

08:25 AM on 11/10/2011

What kind of article is this....gives us little information, because the plans are probably nonsense. Here is what both sides are saying.....everything being presented is anticipated. OK, here goes.....200 billion in defense......how...less money spent in Iraq. 130 savings when the FICA payroll tax ends. 350 billion in Medicare costs, we know that one. 400 billion in additional taxes through economic growth, 700 trillion when the Bush tax cuts end, 100 billion cuts in waste throughout Government, and there we have it, over one trillion in savings.....smoke and mirrors.

[mendelcrosses]

01:16 PM on 11/10/2011

I dont even have to look critically in to your writing to know thats not even close to being a possibility with those guys. Where is social insurance and education grants? Thats where they are going.

[AZreb]

07:56 AM on 11/10/2011

But exactly HOW would the Democratic plan lower Medicare costs by $350 billion? This is another non-factual article in HP - just generalities, no facts and figures.

[Bill in Michigan]

10:11 AM on 11/10/2011

Worse than non-factual. They say that the GOP plan will raise revenues by $350 billion (by capping some income tax deductions), but fail to add that the GOP trade-off for doing this is to reduce the top tax rate from 35% to 28% which will cost trillions of dollars in lost revenue.

[mendelcrosses]

07:45 AM on 11/10/2011

Welcome to "democracy" ,western style. The UNELECTED body gets to overrule the ELECTED body.

[AZreb]

07:57 AM on 11/10/2011

We had the Gang of Six and now we have the Gang of Twelve - no tie-breakers.

[Cypher6]

07:36 AM on 11/10/2011

These people continue to prove themselves to be the enemy of the American citizenry. Time to clean house America.

[Abo]

07:34 AM on 11/10/2011

When they demand spending cuts--is it code for cutting Social Security and Medicare?
Considering the polls reveal across-the-board support for Social Security, are Republicans (and Democratic politicians) aware of what they are really advocating when they call for "spending cuts"?

[AZreb]

07:58 AM on 11/10/2011

Note that at the end of the article it says that the Democratic plan would cut Medicare by $350 billion. No facts or figures on just how those cuts would be made - too bad that HP can't get some real reporters for these articles.

[Bumpkins]

08:32 AM on 11/10/2011

It sounds like the ending of the Medicare Advantage program....private insurance..

[Robert Gambee Sr]

10:59 AM on 11/10/2011

Don't forget that the Republican plan is to privatize it. Show me one thing the Pubs have privatized that saves money. All it does is put the programs in the hands of the Bean Counters, and subject it to The Bottom Line. Do you think the Insurance Industry needs any more help in that area?

[mdh461]

06:41 AM on 11/10/2011

Time is on the side of the US Debtors Congress. Status quo continues.