With six days left until their November 23rd deadline, the Supercommittee has yet to reach a deal that meets its target of achieving $1.2 trillion in federal savings.
Republicans on the panel tasked with reducing the deficit have indicated their latest proposal, which seeks to lower the top tax rate in exchange for closing certain loopholes in the tax code, may not be their final offer to include revenues if Democrats on the committee agree to larger cuts to Medicare and Medicaid. Advocates including the Center for Medicare Advocacy have been working to fight proposals that will harm Medicare and the beneficiaries who depend on it. It is still possible that the Supercommittee will work past its deadline to reach an agreement. In the event they do not reach a deal, sequestration will be triggered beginning in 2013, with providers seeing up to a 2% across-the-board cut. Beneficiaries, however, will not face cuts to Medicare, federal Medicaid benefits, or Social Security.
The Center continues to urge policymakers to take a balanced approach to deficit reduction that includes substantial revenues and a greater focus on reducing rising overall health care costs.