The Obama administration, in seeking $4 trillion in spending cuts in a debt limit deal, has put major changes to Social Security and Medicare on the table if Republicans agree to increased tax revenues.
The offer caters to both sides in the debt limit negotiations and according to the Washington Post, President Obama will urge congressional leaders on Thursday to seize the opportunity to act. The compromise, however, still puts both Republicans and Democrats in tough spots.
Democrats have vowed to protect Medicare and Social Security, while Republicans still argue that tax increases are not realistic legislative proposals. If leadership from both parties agree to the Obama’s compromise, the next move will be to sell the plan to their respective bases and to members of Congress.