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.