Deficit impasse now moves to a special congressional committee
August 8th, 2011
07:46 PM ET
3 years ago

Deficit impasse now moves to a special congressional committee

Washington (CNN) - If there is any silver lining to the downgrade of the U.S. credit rating, it might be that it increases the pressure on a special congressional committee tasked with drafting a long-term solution to the nation's mounting federal deficits.

Under the debt ceiling deal passed by Congress and signed by President Barack Obama last week, a panel of 12 legislators - six Democrats and six Republicans, equally divided between the House and Senate - will be created to try to work out $1.5 trillion in deficit reduction after an initial round of more than $900 billion in spending cuts.

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Filed under: Congress • Debt • Deficit • Deficit commission • President Obama
soundoff (8 Responses)
  1. diridi

    raise Taxes on wealthy for generating revenue. To what extent we need to cut spending, to that extent we need revenue, idiots.....o.k, Nation needs to generate Revenue. So Raise Taxes on who make more than 250k or more....o.k,

    August 8, 2011 09:42 pm at 9:42 pm |
  2. SecedingfromTexas

    As soon as we know who has been selected to be on the Committee, we will know the outcome. The Republicans
    have stated that no one with any inkling towards revenue increases will be on it. End of story. Apparently the
    "Party of Lincoln" has forgotten the Gettysburg Address, or at least have re-written it, like they do other historical
    facts. The new line, for them, is now "government of the Kochs, by the Norquists, for the Tea Party .......".

    August 8, 2011 09:43 pm at 9:43 pm |
  3. Center Party 1

    What we need is for the Republicans and Democrats in Washington to stop pointing fingers at each other and work together to correct the problems in our economy. If the Democrats and Republicans can't or won't stop the dysfunction in Washington then maybe we need a new party that will work for the good of the people in our country. Not just the rich or the middle class or the poor but for all of us.

    August 8, 2011 09:44 pm at 9:44 pm |
  4. A Real American

    Goldangit!!!!! Them elitest obamabots are at it again!!!! Give 'em an inch and they take a mile!!!!! How the heck are the job creators supposed to create jobs when all these porkuluses and stimulators keep getting passed???!!!! One of my grandbabies heard our muslin president talk on the TV the other night and the next day he was wearing a Chay Guevarro t-shirt and a black buray hat with a red star and stomping around the trailer telling us about how the proletarions were being exploited!!!!! He was brainwashed by the nafarius teleprompters of the Oprah-watching union thugs and the gay Mexican Muslins!!!!!!!!!!!!!!!!! Mark my words, its only a matter of time before the narcisstic libtarded obamatrons send the black helicopters to take us all to the re-education camps and make us listen to they're brainwashing music by such socialist Canadian bands as Kim Mitchell and Jony Mitchell and Rush!!!!!!! First they take you're assault rifles and next thing you know, Their making you buy electric cars and floresent lightbulbs!!!!!!!!!!!!!!!!!!!!! Wise up, real Americans. Buy gold and canned food!!!!!! If someone shows up at you're door claiming to be from the goverment, ask to see they're birth certificate. If they can't produce one, guess what?????!!!! Your dealing with an obamabot. Don't let them in!!!!!!!!!!!!!!! Anyway, sorry so long-winded. Just keep praying that better times will be ahead when Sara Palen or Pat Roberson become president. Then we'll show them obamabots a thing or two!!!!!!!! I hope CNN (the communist news network LOL) has the courage to print this on the interweb. Empeach them all and succeed from the union before its to late!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    August 8, 2011 10:33 pm at 10:33 pm |
  5. J.V.hodgson

    Representative Cantor.Equally respectfully sir you are wrong.
    Ryans all cuts budget failed, not only the people test most important but also the economic tests as inviting further deeper recession.
    Republicans would not agree the Bowles Simpson commission report, or the Presidents grand plan because it was a ratio of 3 cuts but 1 of taxes mainly tax expenditures not increases in taxes perse.
    Remember all the rating agencies were looking for $4tr in total package, and what passes is $2.4 trillion ( 09.+1.50 )maybe; the next $1.5 tr is not a fait accompli. and is still 1.6 tr short of Rating agency perceptions and most international economists and financial market players, and those constantly of Obama.
    I got new for you sir, pass $1.5 tr in Dec without any taxes and S&P will downgrade further and Moodys and Fitch will downgrade as well, because the global econonoies will further slow down.
    The US does not live in an economic vacuum or cocoon any more.
    Start talking solutions, job creating ideas, and not just trying to make Obama 1 term President, REP Cantor.
    This last sentence was from a lifetime Republican friend of mine... I agree with him 100%+ as an independent voter.
    Regards,
    Hodgson.

    August 9, 2011 02:46 am at 2:46 am |
  6. Anthony

    Letting the Bush tax cuts expire will increase revenue by 3.6 trillion for the next ten years, which will make the spending cuts that Republicans want unnecessary. The special congressional committee should look at the Bush tax cuts. That is where the money is.

    I know that Republicans will play the ransom game again, and use the Bush tax cuts for people making less than $250,000 as hostage to force Democrats to extend the Bush tax cuts for people making over $250,000. At some point, Democrats have to stop paying ransom. Our trillion-dollar deficit, caused by Congress approving spending that exceeds revenue by 1.5 trillion and by the Bush tax cuts that reduce the government's revenue in a recession, has already forced Democrats to agree to cut spending by more than 2 trillion in the next ten years. (Republicans may be surprised by this, but the president cannot spend money Congress does not give him to spend. Deficit spending is impossible if Congress does not authorize it.) If Democrats don't make a stand somewhere, Republicans will get even more spending cuts, taking even more money out of the economy- it is like an anti-stimulus- and they will blame Obama when the economy tanks again. Force Republicans to negotiate when there is something on the line for them- the Bush tax cuts- and all of a sudden Republicans will rediscover the value of compromise.

    August 9, 2011 07:35 am at 7:35 am |
  7. The Greedy Old Pigs have declared class war on US!

    Good luck finding a GOBPbagger with the moral and political courage to increase taxes and end corporate welfare. Those things are like kryptonite to the "care for the greedy and not the needy" cult of corrupt corporatism.

    August 9, 2011 08:30 am at 8:30 am |
  8. ConservaFASCISTS/TeaHadists/Tea Queda/TeaLiban

    I'm with Bill Maher. Us liberals need to form a party within the democrat party that won't budge on ANYTHING!!!! We'll propose the most liberal left wing social engineering platforms that will drive the right insane. " You say no taxes, we say tax the rich 100%."

    August 9, 2011 08:36 am at 8:36 am |