AP sources: Supercommittee Dems outline offer
WASHINGTON (AP) — 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.