Deficit panel at impasse despite offers

The Democrats outlined a new "tax trigger" as a means to overhaul the tax code. Meanwhile, news outlets reports that the two sides have largely agreed to a broad outline of spending reductions, including to Medicare and other domestic programs, but Democrats will agree to such cuts only if Republicans compromise by putting new tax revenues on the table.

The New York Times: Panel Is At Impasse, But Obama Sees No Reason To Step In
The White House's expectations for the special Congressional committee on deficit reduction, never high, have been all but dashed now that the panel has reached a partisan impasse less than two weeks before it is supposed to recommend a compromise plan (Calmes, 11/9).

The Washington Post: Debt-Reduction Talks At An Impasse Despite 'Breakthrough'
With a Thanksgiving deadline less than two weeks away, Senate Republicans declared talks over the debt at an impasse and accused Democrats of walking away after the GOP for the first time offered to raise taxes above current levels to help restrain future borrowing. … Democrats denied the charge and insisted that they were still working toward a compromise. But they said a deal depends on Republicans embracing far larger tax increases than they have so far been willing to accept (Montgomery and Sonmez, 11/9).

Los Angeles Times: Democrats Offer New Tax Trigger As Means To Overhaul Code
Democrats on the congressional "super committee" have offered Republicans a way around the impasse over tax hikes by proposing that both sides work next year to raise revenue by revamping the tax code -; or face $650 billion in forced new tax revenues. … The two sides have largely agreed to a broad outline of spending reductions, including to Medicare and other domestic programs, but Democrats will agree to such cuts only if Republicans compromise by putting new tax revenues on the table (Mascaro, 11/9).

The Associated Press/Washington Post: Democrats Secretly Outline Offer To Reduce Deficits By $2 Trillion As Troubled Talks Continue
The previously undisclosed offer scaled back an earlier Democratic demand for $1.3 trillion in higher taxes, a concession to Republicans. At the same time it jettisoned a plan to slow the growth in future cost-of-living increases in Social Security benefits, a provision liberal Democrats oppose. … Given the unusual secrecy of the meeting and the committee's Nov. 23 deadline to produce at least $1.2 trillion in savings, it appeared that the pace of activity on the panel was accelerating (11/9).

Bloomberg: U.S. Dems Offer $2.3 Trillion Deficit Plan
Some Democrats on the congressional super committee are proposing a $2.3 trillion deficit-reduction plan with equal amounts of spending cuts and tax increases. ... The Democratic plan also would include $350 billion in cuts to Medicare, with $250 billion from providers and $100 billion from beneficiaries. … According to the document, the cuts in entitlement programs would take effect only upon enactment of a tax code overhaul or implementation of the trigger (Przybyla and Rubin , 11/10).

Politico: GOP: 'Ridiculous' Benefits For Rich Could Go
In both chambers, lawmakers are considering legislation introduced by Sen. Tom Coburn (R-Okla.) and Rep. James Lankford (R-Okla.) to deny unemployment insurance benefits to millionaires. Coburn is also proposing cuts to farm subsidies for the wealthy while other lawmakers are looking to cut direct payments to farmers altogether. The House-passed GOP budget earlier this year would further limit Medicare payments for wealthy senior citizens -; and some members are now discussing applying a similar measure to other entitlements (Cogan and Raju, 11/9).

The Wall Street Journal's Washington Wire: Seniors Rally In Boston Against Cuts To Social Programs
Chanting "hands off" and "no cuts," hundreds of seniors rallied here to warn Congress's deficit-cutting super committee to stay away from Social Security, Medicare, and Medicaid (Levitz, 11/9).

WBUR: Seniors Rally In Boston Against Entitlement Cuts
The electronic billboard outside the Wang Theater usually advertises the holiday shows this time of year. But Wednesday, as hundreds of people swarmed beneath it, the sign lit up with a different the message: stop the cuts. Inside the gilded hall close to 2,000 seniors and union members gathered to tell the congressional super committee not to make any changes to federal programs that affect seniors (Brady-Myerov, 11/10). 

Kaiser Health News: Health On The Hill: Super Committee Republicans Offer Deal On Tax Revenues That Includes Medicare Changes
Kaiser Health News staff writer Mary Agnes Carey talks with Jackie Judd about what Medicare changes would be part of the latest proposal from super committee Republicans to strike a deficit reduction deal. Also in the background is the status of a $300 billion Medicare physician pay fix. Watch the video or read the transcript.