Debt panel negotiations appeared to have stalled as Democrats and Republicans could not agree on entitlement cuts and revenue increases as part of a deficit-reduction proposal. Democrats continue to press for more revenue through tax increases while Republicans seek cuts to Medicare, Medicaid and other health programs.
Both Democrats and Republicans have submitted separate proposals to the Congressional Budget Office for scoring, suggesting the two sides remain deeply divided over the issues. Currently, the panel has no further meetings scheduled before its Thanksgiving deadline for releasing a budget plan.
The 12-member panel — also known as the “super committee” — must develop and pass by November 23 $1.5 trillion in federal spending cuts over 10 years. Failure to do so would trigger a series of automatic across-the-board cuts.