By Ramsey Cox - 12/12/12 05:57 PM EST
Corker said his bill would include $900 billion to $1 trillion in savings from Medicare and Medicaid, with an equivalent, dollar-for-dollar hike to the debt ceiling.
“Let’s get busy, let’s not wait till the last minute, let’s not do it through closed-door meetings,” Corker said. “For every dollar we raise the debt ceiling, we reduce spending by one dollar.”
Entitlement reforms and a hike to the debt ceiling are central in talks between President Obama and Speaker John Boehner (R-Ohio) on a fiscal deal.
He said deficit reduction and entitlement reforms likely would have to wait for action until February, when the nation will hit its debt limit. That event would force the administration to agree to concessions on entitlements to win approval from Congress for a hike to the debt ceiling.
“I woke up this morning with almost a eureka moment that if they're not going to, I’ll get us started,” the Tennessee Republican said on the floor Wednesday. “What I plan to do over the next couple of days is offer legislation that would reform Medicare and Medicaid by $900 billion ... and offer it to how we raise the debt ceiling.”