By Sam Baker - 08/13/13 03:08 PM EDT
Democrats say the plan would erode traditional Medicare, eventually pushing all seniors into private insurance that might not provide the same generous benefits as Medicare.
Republicans argue that the existing Medicare system is rapidly approaching insolvency and must be dramatically overhauled if it is to survive in any form.
Business Roundtable has also endorsed Medicare reforms with more bipartisan support, including proposals to charge wealthier seniors a higher premium for certain benefits.
The business group also supports raising the eligibility age for Medicare benefits — a proposal President Obama floated as part of a "grand bargain" but has since disavowed.
"Our proposals would gradually bring Social Security and Medicare into alignment with America's fiscal and demographic realities, while fully protecting current retirees and those near retirement," BRT's health leaders wrote to Camp. "Our overriding goal in this effort is to preserve the safety net for future generations."