Sen. Bob Corker (R-Tenn.) introduced a bill Wednesday to trade nearly $1 trillion in entitlement savings for an equal hike in the debt ceiling.

Corker said the Dollar For Dollar Act would include $937 billion in savings from Medicare, Medicaid and Social Security, with an equivalent, dollar-for-dollar hike to the debt ceiling.

Corker said his plan is based on recommendations from the Bowles-Simpson Fiscal Commission and the Domenici-Rivlin Debt Reduction Task Force.

Corker offered some details about his bill during a speech on the Senate floor Wednesday. Corker said his bill would raise the age of Medicare eligibility to 67 and would include the Medicare Total Health package that would increase private-sector competition for covering the elderly. Corker also said there would be a form of means-testing, making wealthy Medicare recipients pay more of their healthcare needs