WASHINGTON (AP) — Even as a recent good-faith swap of offers showed a narrowing of differences over taxes, a special deficit-cutting "supercommittee" seems to have hit a major snag just two weeks before its deadline.
The two sides can't even agree on who should make the next move after an exchange of plans Monday night in which Democrats scaled back their demands on taxes even as Republicans for the first time offered higher tax revenues as part of a plan to cut deficits by $1.5 trillion over the coming decade.
Democrats' most recent plan calls for $2.3 trillion in deficit cuts, including $1 trillion in new revenue skimmed off the top as Congress overhauls the tax code. Republicans countered with an offer — pilloried by Democrats as a giveaway to the wealthy — for almost $300 billion in tax boosts over the same timeframe.
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