Debt Committee Dems Propose First Plan for Cuts

Many budget cuts will almost certainly be part of any serious attempt to address the budget deficit.

Democrats on the the Congressional Joint Select Committee on Deficit Reduction, also known as the Super Committee, gave their first proposal to the committee Republicans on Wednesday. The committee is charged with reducing the nation's debt by cutting $1.2 trillion.

Congressional officials, speaking to the Associated Press said the proposed plan puts Social Security on the table, offering to slow the growth in future benefits. It also includes several hundred billion dollars of cuts to Medicare and other federal entitlement programs. Part of the savings from the cuts would fund measures for job creation.

The Republicans have strongly opposed tax increases, so it is unlikely they will approve the Democrats' plan.

The bi-partisan committee has until November 23 to present its debt reduction plan to Congress. If they fail to reach a deal by then and Congress is unable to pass it into law by the end of December, automatic spending cuts in the amount of $1.2 trillion would be triggered.