Democrats suggested Wednesday that too much has already been cut from non-defense spending to come up with $1.2 trillion in cuts over the next 10 years, as sources offered a few details about a Democratic proposal to collect $1.3 trillion via tax hikes, stimulus spending and benefits cuts.
As a joint hearing concluded of the supercommittee tasked with finding $1.2 trillion in savings by Thanksgiving or facing automatic cuts on domestic spending and defense, Sen. Max Baucus, D-Mont., a member of the 12-person deficit-cutting panel, was vague about whether a Democratic offer had been proposed.
Offering conflicting responses, sources told Fox News that the chairman of the Senate Finance Committee chairman had thrown out a few numbers that roughly correspond to a reported $1.3 trillion proposal.
Another source told Fox News that the figure had been "batted around" but wouldn't really describe it as a full-blown proposal. Still, another source said it indeed was a formal proposal by Baucus and others.
According to two congressional sources, the Democratic proposal would get to $1.3 trillion in federal budget savings by hiking revenues to raise half of the money. The plan would cut about $400 billion from Medicare -- half through benefits cuts and half through provider savings -- and proposes raising another $300 billion through stimulus spending...