Two Republican members of the special congressional deficit committee played down chances that the bipartisan group will offer a tax overhaul as part of their proposal to slash at least $1.2 trillion from projected federal budget gaps.

Reps. Fred Upton (R., Mich.) and Dave Camp (R., Mich.) told a gathering of Michigan Republican party officials on Mackinac Island, Mich., on Saturday that Democrats and Republicans on the panel are divided over whether to use a tax overhaul to increase federal tax revenue.(Read More)