House Republicans back away on Medicare overhaul

Congressional Republicans on Thursday backed away from a contentious plan to overhaul Medicare that President Barack Obama and fellow Democrats have turned into a weapon against them for next year's elections.

House of Representatives Ways and Means Committee Chairman David Camp said his panel will not advance a Republican proposal to privatize Medicare for future retirees because it stands no chance of getting passed by the Democratic-led Senate. But Camp said the powerful tax-writing committee will act on any compromise reached on a deficit reduction plan.

"I'm interested in finding a way forward that will get signed into law," Camp told reporters at an event sponsored by Health Affairs, a health policy journal.

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