Democrats on the congressional "supercommittee" charged with reducing the U.S. budget deficit are seeking up to $3 trillion in savings, including $400 billion in Medicare cuts, according to Reuters.
The supercommittee consists of 12 Republican and Democratic members, who first began meeting in September and have until November 23 to find at least $1.2 trillion in budget savings over 10 years.
The committee heard the Democrats' proposal on Tuesday, Reuters said. The plan proposes cutting the federal deficit by $2.5 trillion to $3 trillion, and calls for $200 billion to $300 billion in new stimulus spending to boost an ailing U.S. economy -- paid for with lower interest payments from reducing deficits, according to Reuters.
Half of the $400 billion in Medicare savings would come from benefit cuts, while the other half would come from payment cuts to healthcare providers; the proposal also earmarks $100 billion in cuts to the Medicaid healthcare program for the poor, Reuters said.
