Bipartisan Senate push for spending cuts 

Two senators, one Republican the other a Democrat, teamed up to introduce a bill aimed at cutting trillions of dollars from the federal budget over the next decade.

Sen. Claire McCaskill, D-Mo., said Tuesday that her sponsorship of the bill "could cost me my Senate seat," which is up for grabs next year, but that the effort would be worth it.

"It's a price I’m willing to pay for my country and, more importantly, it's a price I’m willing to pay for my grandchildren,” she said.

McCaskill introduced the legislation alongside Sen. Bob Corker, R-Tenn., a staunch supporter of reducing the nation's $1.3 trillion deficit.

The bill would put in place a 10-year plan to slash both discretionary and entitlement spending (which includes Social Security and Medicare), from the current level of 24.7 percent of Gross Domestic Product to 20.6 percent.

It doesn't sound like Senate Majority Leader Harry Reid, D-Nev., is very enthusiastic about the plan. He said Tuesday he would do everything in his power to block legislation any attempts to cut Social Security.

"I have said many times that I will do everything that I can in throwing my legislative body in front of any efforts to weaken Social Security," Reid said when asked about the McCaskill-Corker bill. "Social Security has not contributed one penny to the debt, and as I've said before, people should leave Social Security alone."

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