Finger-Pointing Begins as Debt Deadline Nears

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With less than a week and a half to reach an agreement on trimming $1.2 trillion from the nation's deficit, members of the congressional supercommittee are at a stalemate.

The latest GOP plan would limit tax deductions for mortgage interest, charitable donations, and state and local taxes.

Republicans say it would raise $290 billion over the next decade, but Democrats disagree, devolving negotiations to finger-pointing.

"We need to find out whether our Republican colleagues want to continue to negotiate or whether they've drawn a hard line in the sand," Rep. Chris Van Hollen, D-Md., said. "The question is whether they've kind of said, `Take it or leave it.'"

"What I've yet to see is a plan that fundamentally solves the problem," Rep. Jeb Hensarling, R-Texas, told reporters.

The committee may be deadlocked, but dozens of Republicans and Democrats challenged the panel to aim higher on Wednesday. They want to see $4 trillion in deficit reduction.

"America is expecting all of us to work together," Rep. Michael Grimm, R-N.Y., said. "We need to instill that confidence that we're not broken. We're not completely dysfunctional. We can work together."

Republicans have hinted they may be able to accept a plan that includes higher taxes if there are significant spending cuts.

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