Top Democratic leaders, including Senate Majority Leader Harry M. Reid (D-Nev.) and House Minority Leader Nancy Pelosi (D-Calif.), have swiftly slammed Sens. Joe Lieberman (I-Conn.) and Tom Coburn's (R-Okla.) proposed Medicare plan, which seeks $600 billion cuts in Medicare spending over the next 10 years, according to a Washington Post news report.
The burden for much of those cost-savings would be shouldered by wealthier senior citizens. Their proposal includes provisions that would require seniors who make higher incomes to pay the full cost of their Medicare Part B and Part D coverage. The proposal would also increase the eligibility age two years to 67. Sen. Lieberman has previously acknowledged the proposal would fuel outrage but contends the sweeping measures are necessary in order to control the country's multi-trillion dollar debt and raise the debt ceiling.
The proposal is part of a larger discussion, led by Vice President Joe Biden, on a potential deficit-reduction plan. Republicans and Democrats have struggled to agree on a bipartisan plan due to hard-line divisions on certain issues. Conservatives, for instance, have been demanding entitlement reforms be part of any deficit reduction plan, a measure Democrats have strongly opposed.
According to the news report, economists and credit rating agencies have alerted lawmakers that financial markets "could grow turbulent" if they cannot reach an agreement on raising the country's legal borrowing limit soon. At a news conference held at the White House, President Obama has called for both parties to make compromises and effectively work together in order to reach a deal on raising the debt ceiling by Aug. 2.
Read the news report about Democrat opposition to Sens. Lieberman and Coburn's Medicare plan.
Related Articles on the Deficit-Reduction Discussions:
Seniors, Wealthy Would Shoulder Most of Burden Under Sens. Lieberman, Coburn's Proposed Medicare Plan
Medical Societies Urge Congress to Make Medicare Payment Reform Part of Deficit-Reduction Plan
Hope for Biden-Led Deficit-Reduction Plan Dims After Breakdowns Over Medicare Cuts, Tax Increases
The burden for much of those cost-savings would be shouldered by wealthier senior citizens. Their proposal includes provisions that would require seniors who make higher incomes to pay the full cost of their Medicare Part B and Part D coverage. The proposal would also increase the eligibility age two years to 67. Sen. Lieberman has previously acknowledged the proposal would fuel outrage but contends the sweeping measures are necessary in order to control the country's multi-trillion dollar debt and raise the debt ceiling.
The proposal is part of a larger discussion, led by Vice President Joe Biden, on a potential deficit-reduction plan. Republicans and Democrats have struggled to agree on a bipartisan plan due to hard-line divisions on certain issues. Conservatives, for instance, have been demanding entitlement reforms be part of any deficit reduction plan, a measure Democrats have strongly opposed.
According to the news report, economists and credit rating agencies have alerted lawmakers that financial markets "could grow turbulent" if they cannot reach an agreement on raising the country's legal borrowing limit soon. At a news conference held at the White House, President Obama has called for both parties to make compromises and effectively work together in order to reach a deal on raising the debt ceiling by Aug. 2.
Read the news report about Democrat opposition to Sens. Lieberman and Coburn's Medicare plan.
Related Articles on the Deficit-Reduction Discussions:
Seniors, Wealthy Would Shoulder Most of Burden Under Sens. Lieberman, Coburn's Proposed Medicare Plan
Medical Societies Urge Congress to Make Medicare Payment Reform Part of Deficit-Reduction Plan
Hope for Biden-Led Deficit-Reduction Plan Dims After Breakdowns Over Medicare Cuts, Tax Increases