House GOP leaders were muted in their criticism

It also requires a major influx of new tax revenues as Congress overhauls the loophole-choked U.S. tax code. It calls for getting rid of myriad tax loopholes, preferences and deductions and using the savings to sharply lower income tax rates. But $1 trillion to $2 trillion would be skimmed off the top and used to reduce the deficit, depending on who does the calculations.

House GOP leaders were muted in their criticism and pointed to promised reductions in income tax rates rather than the net increase in overall tax collections.

"On the positive side, the tax rates identified in the Gang's plan -- with a top rate of no more than 29 percent -- and the president's endorsement of them are a positive development and an improvement over previous discussions," House Majority Leader Eric Cantor, R-Va., said. "That said, I am concerned with the Gang of Six's revenue target."

The tax reform outline would set up three income tax rates -- a bottom rate of 8-12 percent, a middle rate of 14-22 percent and top rate of 23-29 percent -- to replace the current system, which has a bottom rate of 10 percent with five additional rates, topping out at 35 percent. It would reduce but not eliminate tax breaks on mortgage interest, higher-cost health plans, charitable