Dems Offer $2.3 Trln Debt Plan

Proposal includes equal amounts of spending cuts, tax hikes.

Some Democrats on the congressional supercommittee are proposing a $2.3 trillion deficit-reduction plan with equal amounts of spending cuts and tax increases.

The Democratic proposal includes a so-called trigger that would raise $650 billion if the U.S. tax code isn’t revamped by Jan. 1, 2013, according to a document party members are circulating. Tax writers would receive instructions to cap individual tax rates at 35 percent, overhaul corporate taxation and maintain the progressivity currently in the code.

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