Former Sen. Alan Simpson (R-Wyo.) and Democrat Erskine Bowles will unveil a new framework for a deficit reduction deal on Tuesday, hoping to bridge the divide between President Obama and congressional Republicans, the Wall Street Journal reports.

According to the report, the new plan would aim to cut the deficit by $2.4 trillion over 10 years. It would reduce Medicare and Medicaid spending by $600 billion, raise $600 billion by ending various tax breaks, and would lower caps on discretionary spending through Social Security reform, among other things.

That’s more ambitious than the White House’s 10-year deficit reduction plan, but less ambitious than the $4 trillion goal Republicans in Congress hope to achieve.

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