WASHINGTON (AP) - Despite prodding from President Barack Obama, members of Congress' supercommittee concede no deal is in sight to meet their goal of $1.2 trillion or more in deficit savings over the next decade.
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In an offer they said marked a significant concession, GOP members on the panel offered last week to raise taxes by $250 billion over a decade as part of an overhaul of the tax code that simultaneously would cut the top rate from 35 percent to 28 percent.
Democrats swiftly rejected that as a tax cut for the wealthy in disguise, and separately jettisoned an earlier proposal that would have slowed the growth in cost of living increases under Social Security.
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About $450 billion in cuts would come from defense and the same amount from domestic accounts, with savings on interest payments making up the balance of a $1.2 trillion total.
http://apnews.excite.com/article/20111114/D9R0GSGG0.html
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