DEBT BUSTING

GOP Seeks $2.2 Trillion in Cuts

Republicans on the so-called supercommittee tasked with reducing the budget deficit rolled out a plan Thursday that called for reductions to health-care programs and tax changes. The plan entails $500 billion in cuts for Medicare, $185 billion for Medicaid, and $100 billion for other health-care programs. House Speaker John Boehner said the focus should be on cutting benefit programs and that defense cuts were not on the table. The Republicans’ proposal came one day after Democrats on the supercommittee rolled out their plan, which seeks to cut the deficit by $3 trillion, but through program cuts as well as tax hikes. As part of the July deal to raise the debt ceiling, the supercommittee must come up with recommendations to reduce the debt by at least $1.2 trillion over 10 years.