As the time to reach a deficit reduction deal approaches, the Democratic members of congressional Super Committee released a proposal reduce budget deficits by up to $3 trillion including a $400 billion cut to Medicare.

The President and both chambers of Congress have tasked the committee with reaching an agreement on how to make $1.2 trillion-worth of deficit reductions over the next decade. The Democrats’ proposed cuts are much deeper than what was expected.

However Republican aides called the proposal “unserious.”

Under the Democrats proposal there would be an equal split between cuts to programs and tax increases with $200 to $300 billion allocated to new economic stimulus spending along with $400 billion savings to Medicare, with half coming in benefit cuts and the other half in cuts to health care providers. The Democratic plan, however, does not make changes to the eligibility age, which President Obama proposed changing to 67 from the current age of 65.

Revenue will be generated through bumps in taxes for high-income earners as well as limiting deductions for the rich. The Democratic plan also includes using interest savings to pay for the Obama job proposal bill, though it was shot down by the GOP earlier.

Republicans in the super committee have mainly been mum about the proposal, though House Speaker John Boehner said Thursday, “It’s time for everyone to get serious” about coming up with a feasible plan.

The deadline for a deal is Nov. 23.