Dems proposed a $2.3 T deal w/ $350B Medicare& $50B Medicaid cuts
Well, seems the famed Obama protection of entitlements continues.
Seems the Super Committee now has before it an Obama offer of $1 trillion in revenues ($350 B of that is “miscellaneous revenue provisions” and $650 B of either “fast track procedures” for tax reform or, if that fails, a “trigger” scenario where tax revenue would be generated by corporate tax reform while maintaining an individual rate of no higher than 35 percent and a progressive tax code, with the trigger of changes to – limitation of – itemized deductions for $325 billion in savings and new taxable items for the other $325 B), – to compete with the GOP offer of $1.2 T that has $500 B of “revenues” and $700 billion in cuts.
You have got to love the concept of $350 billion in Medicare savings that includes $100 billion from increased premiums from beneficiaries, and $50 billion in Medicaid cuts. And You thought it was hard to get a doctor or hospital to treat Medicare /Medicaid folks before! And you have to love the specificity of the tax proposals 🙂
And you have to love the GOP response to the Dem counter offer – with the GOP saying that the above is really not an official counter-offer.
The one piece of good news is the fact that after 9 days of not meeting as a full 12 member committee in private session, the committee has not post this new Dem offer scheduled any further closed-door, full-panel meetings.