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Lawmakers acknowledge it could be difficult to find another package of savings that would not run into more serious opposition.
The co-chairmen of the committee say their goal is to come up with a package of savings that will avoid across-the-board cuts.
George Osborne will announce plans for the biggest-ever assault on welfare benefits in Tuesday's emergency budget as part of an estimated £85bn package of savings and tax rises to reduce Britain's unprecedented peacetime deficit.
If we combine a balanced package of savings from spending on health care and revenues from closing loopholes, we can solve the deficit issue without sacrificing our investments in things like education that are going to help us grow.
Under pressure from the European Commission, the Greek government announced a more far-reaching package of savings intended to cut the deficit by 4 percentage points this year and bring it below 3 percent by the end of 2012.
As part of a package of savings and tax increases, Greece's creditors are demanding the government cut pensions by the equivalent of 1% of gross domestic output, a more rapid clampdown on early retirees and for supplementary pensions to be financed by contributions, not by the state (which would effectively mean cutting them further).
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More than 50 aircraft would be deferred or sold as part of a $2bn package of cost savings by 2016-17.
In addition, the coalition said it would support a package of retirement savings incentives, including expansions of the popular individual retirement account and 401(k) programs.
Labor also planned to release on Friday a "substantial package" of new savings measures that it said would improve its budget bottom line.
To cover the 10-year, roughly $1 trillion price tag, lawmakers have been struggling to pull together a package of cost savings through greater efficiencies and new revenues.
Every municipal labor leader seems to have condemned him, often with vituperation, for laying off 4,500 workers and for failing to negotiate more with the unions after he demanded a $600 million package of labor savings.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com