WASHINGTON (AP) — Rival deficit-cutting plans advanced by Republicans and Democrats on Congress' secretive supercommittee would mean both smaller-than-expected cost of living benefit increases for veterans and federal retirees as well as Social Security recipients — and bump up taxes for some individuals and families.
The changes would reduce deficits by an estimated $200 billion over a decade, a fraction of the committee's minimum goal of $1.2 trillion in savings.
A final decision by the panel on legislation to reduce deficits is still a few weeks off, and given the political difficulties involved, there is no certainty the 12 lawmakers will be able to agree.
Officials familiar with the rival approaches described them on condition of anonymity, saying they were not authorized to provide details of the committee's confidential discussions.
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