Senate Cutters:

Seven Republican senators Tuesday offered their own version of ??¢â???¬?????Operation Offset,??¢â???¬  the spending-cut plan proposed by the House Republican Study Committee.

The senators proposed spending cuts that could save a total of $125 billion. Currently, the federal deficit for 2005 is estimated to top $300 billion.

The plan includes slicing discretionary spending by 5% (1% of which would go back to the President to use where he sees fit), delaying the Medicare prescription drug law for two years (but at the same time doubling benefits for low-income seniors) and repealing projects in the recently passed highway law.