By Jamie Klatell - 11/19/11 01:40 PM EST
A Republican senator on the deficit-reduction supercommittee said Saturday that his party had made significant comprises to find a deal, but Democrats were not willing to go along.
Sen. Pat Toomey (R-Pa.) said that the GOP members on the supercommittee were committed to cutting spending and reforming the tax code.
"We’ve proposed cutting spending by $750 billion over 10 years," Toomey said in the GOP weekly address. "Now, let me be clear. We’ve identified several trillion dollars in sensible, responsible spending reductions that would actually resolve our fiscal crisis. But in the face of intense Democratic opposition, we’ve scaled back our proposal to just $750 billion – less than 2 percent of what our government is projected to spend over the next 10 years."
There remains a huge gap between the parties on the supercommittee, which faces a deadline of midnight Monday to submit a proposal to the Congressional Budget Office to be scored.
The supercommittee must complete a deal on at least $1.2 trillion in deficit cuts by Wednesday to avoid automatic cuts to defense and domestic discretionary spending that would be trigged in January 2013.
Toomey said Republicans are "so committed" to reducing the debt that they had given in on generating revenue through tax reform.
"We Republicans are so committed to this job-creating tax reform and reaching an agreement with our Democratic colleagues that we’ve offered to use this tax reform as a way to generate revenue for deficit reduction," Toomey said.
He noted that Republicans tax-reform plans would not allow the Bush-era tax rates to expire as scheduled.
"This reform should be permanent so that job creators across America will know they will not be subject to the biggest tax hike in American history, which is currently looming a mere 14 months away," Toomey said.
Democrats rejected the latest deficit-reduction proposal from supercommittee Republicans as an insult.
A Democratic member of the supercommittee, Rep. James Clyburn (S.C.), denounced the latest GOP offer, which he described as containing $600 billion in program cuts with “only $3 billion in revenue.”
“Do we look stupid?” he told The Hill after leaving a meeting with Democratic members of the panel. “I mean, I don’t know, maybe we do. I certainly am not stupid.”