Debt ceiling talks: How to cut $1 trillion
May 31st, 2011
11:04 AM ET
4 years ago

Debt ceiling talks: How to cut $1 trillion

New York (CNNMoney) -- The search for budget savings is on.

For the past couple weeks, Vice President Joe Biden and a bipartisan group of lawmakers have held a series of meetings. Their mission: Find money in the federal budget that can be cut and thus pave the way for Congress to raise the debt ceiling.

FULL STORY

Filed under: Debt • Joe Biden
soundoff (10 Responses)
  1. Eric

    Raise the Social Security age to that of life expectancy so it's Social SECURITY like it's supposed to be and was when it was originally put in place. Life expectancy is more than 15 years higher than it was but the eligibility age to collect hasn't gone up with it. It's there for people who live longer than expected and can't provide for themselves. It's not Social Retirement. I'm 28 and I have no dissolution of there being social security for me to retire on, it just encourage people to be financially irresponsible.

    May 31, 2011 11:09 am at 11:09 am |
  2. gt

    both parties are in a four corner stall game until the next election.. they saw what the democrats did tp ryans plan... they both will do nothing and america will suffer becasue they are gutless ,little weak squirrels ... shaking there tails and running up a tree and hide till 2012...

    May 31, 2011 11:17 am at 11:17 am |
  3. Name king

    I am wary about the repugs ability to convince the dems about cutting this deep this soon, especially when the dems know that they want the economy to make a down turn just to regain the presidency. I would be wary since I don't believe the repugs are generally concerned about helping bringing the economy back while Obama is still in office. They said on a couple of occasions by their leaders that they want to see Obama be a one term president. The only way to do that is to sabotage our economic recovery. I AM VERY WARY.

    May 31, 2011 11:20 am at 11:20 am |
  4. Rudy NYC

    Easy. Get rid of the Bush Tax Cuts. The Bush administration had promised that they "would be temporary", to "stimulate the economy" at a time when it was booming, and "they will create jobs". That's three strikes against. The Republicans are trying to make them permanent, they almost destroyed the economy, and they didn't create the jobs as promised. That's three strikes. They're out.

    May 31, 2011 11:35 am at 11:35 am |
  5. Proud member of "Global Zero"

    Do these people not understand what will happen if we default on our loans? Everything will be cut. Your parents will be back living with you due to no SS checks going out. Nursing homes will close. Military will not get paid...the only ones getting paid are our congress. My 403B cannot take much more of the market crashing. I am pulling out.

    Who elected these idiots? You stay home in an election and this is what we get.

    Cut the Military...bring the troops home NOW. Cut the tax subsidies for corporations. Raise all our taxes while we are still young enough to work. Don't ruin our retirement.

    May 31, 2011 11:42 am at 11:42 am |
  6. GI Joe

    The republicans don't care if the entire country fails. They've socked away enough money to live for years (probably in a foreign country).

    Will you be able to live years with no income? Your stocks worth zero? If so, vote republican and end the obama presidency. That's the main goal of the repuublicans. NOT the people of this country.

    May 31, 2011 11:57 am at 11:57 am |
  7. Four and The Door

    On one of the most contentious issues, Biden insists that additional tax revenues must be part of any deal. Republicans remain steadfastly opposed to tax increases of any kind.
    ________________________________________________________________________________________________
    The tax rates in America are among the highest in the world already. America's economy is largest of any country in the world. The problem is not that the federal government is not collecting enough money. Obama's federal budgets have been $500 and $600 billion larger than the Bush Administration's.

    The Republicans absolutely should hold the line on this money-grab attempt by the Obama Administration. Now is the time to do it. Individuals, families and businesses across the country have been cutting back while the federal government is going on a spending binge. And now they want more? This is obscene. Stop them now.

    May 31, 2011 11:59 am at 11:59 am |
  8. California Conservative

    So far the dems have nothing on the table. Obama's bill was unanimously shot down any more brilliant ideas dems?

    Voluntarily cut it or be forced to cut it. It's our choice.

    May 31, 2011 12:00 pm at 12:00 pm |
  9. Bill from GA

    Without enough money to go around, Treasury may be the one to decide how to allocate what is there. First funding to end should be for Congress: no salaries, no staff salaries, no electricity (air conditioning!!), water, insurance, retirement. NOTHING.

    Wouldn't solve the budget shortfall, but it might speed up Congress on solving some problems.

    May 31, 2011 12:01 pm at 12:01 pm |
  10. Rudy NYC

    Four wrote:
    The tax rates in America are among the highest in the world already. America's economy is largest of any country in the world. The problem is not that the federal government is not collecting enough money. Obama's federal budgets have been $500 and $600 billion larger than the Bush Administration's.
    ---------------------------------
    I see that you are still peddling that lie about "tax rates in America are among the highest in the world" already. The tax rates are a starting point, not the end point. We also have more tax loopholes than any country in the world. And it is not that Obama's budget deficits(not budgets) have been larger because of increased spending, they have been larger because of decreased revenue from high unemployment.

    May 31, 2011 12:27 pm at 12:27 pm |