By Erik Wasson - 07/19/11 05:09 PM EDT
The Budget Committee would be left to decide discretionary caps after 2015 and before 2021.
Finance would be required to reduce tax rates to three tax brackets of rates: of 8-12 percent, 14-22 percent and 23-29 percent. The current top marginal rate is 35 percent.
The corporate tax rate would be between 23 percent and 29 percent, and tax reform would cease taxation of oversees profits.
Sens. Kent Conrad (D-N.D.), Mark WarnerMark WarnerLiberal group: Kaine could be 'disastrous' VP pick Buzz grows that Tim Kaine will be Clinton's VP pick GOP platform attempts middle ground on encryption debate MORE (D-Va.), Dick DurbinDick DurbinOpioid package clears key Senate hurdle Overnight Healthcare: Feds defend ObamaCare's affordability DNC chief spared in Sanders-Clinton talks: report MORE (D-Ill.), Mike CrapoMike CrapoGOP warming up to Cuba travel Ann Coulter: VP pick is Trump's first mistake Overnight Finance: Freedom Caucus moves to impeach IRS chief | Calls for US-UK trade talks | Clinton ally offers trade for Trump tax returns MORE (R-Idaho), Saxby ChamblissSaxby ChamblissWyden hammers CIA chief over Senate spying Cruz is a liability Inside Paul Ryan’s brain trust MORE (R-Ga.) and Tom CoburnTom CoburnThe Trail 2016: Words matter Ex-Sen. Coburn: I won’t challenge Trump, I’ll vote for him Coburn: I haven't seen 'self-discipline' from Trump MORE (R-Okla.) back the Gang plan and are hoping to get 60 senators to support it within the next few days. The framework could be attached to the debt-ceiling compromise.