Senate Democrats are urging the debt-reduction supercommittee to pursue a far-reaching agreement to slice $3 trillion from the federal budget over the next decade through significant cuts to federal health programs, including Medicare, and as much as $1.3 trillion in new taxes.
At a closed-door meeting Tuesday, Sen. Max Baucus (D-Mont.) told his colleagues on the panel that they should pick up where President Obama and House Speaker John A. Boehner (R-Ohio) left off in negotiations this summer during a bitter battle to raise the federal debt limit, according to congressional aides in both parties familiar with the meeting. Obama and Boehner were discussing a plan that included provisions to raise taxes, raise the Medicare eligibility age and use a less generous measure of inflation to calculate Social Security benefits.
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