With the supercommittee's deadline fast approaching, Democrats have rejected another GOP attempt to bridge the gap between the two sides. The latest Republican plan, crafted as a fallback option in consultation with House Speaker John Boehner's (R., Ohio) office, would produce $643 billion in savings over the next decade, roughly half of the supercommittee's $1.2 trillion target.
According to GOP sources, the savings consist primarily of uncontroversial spending cuts and fee increases that both sides had previously agreed to. It would also eliminate a tax break for corporate jet owners that Democrats have harped about for months, saving about $3 billion over 10 years. Beyond that, the plan would not make any major changes to the tax code or entitlement programs. It breaks down as follows:
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