Debt committee: Why $1.2 trillion isn't enough
October 27th, 2011
09:24 AM ET
3 years ago

Debt committee: Why $1.2 trillion isn't enough

NEW YORK (CNNMoney) - It's a big number and nothing to sneeze at - $1.2 trillion. Unfortunately, when it comes to reining in U.S. debt, it's not enough.

That's why budget experts hope the bipartisan congressional debt committee will aim higher. To avoid triggering a series of automatic spending cuts, committee members have less than a month to propose at least $1.2 trillion in deficit reduction over 10 years.

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Filed under: Debt • Deficit • Deficit commission
soundoff (8 Responses)
  1. Rudy NYC

    Today's Republicans on the committee, and in Congress as a whole, are not serious about deficit reduction and making the economy work for *all* Americans at *all* income levels. Today's Republicans have truly destroyed the American dream.

    All of that stuff the Herman Cain said a while back about working hard and you can succeed is now hogwash. The ideological compass in this country has turned from left/right to and up/down orientation. The shift began 30 years ago under Reagan. Only now are most Americans waking up to what has really been occurring. The middle class has been under seige, their income potentials have been retarded into a "downer class", and the war is lost.

    The "upper class" have used the Republican party to make this all possible. The "uppers" have spent the last decade securing their perimeter, and are now poised to make the final grab at all of the wealth in this country.

    October 27, 2011 09:36 am at 9:36 am |
  2. Wire Palladin, S. F.

    Republicans say they want no federal government interfering with their states, yet Republican governors from Wisconsin, Ohio, Pennsylvania and Michigan are pleading for quick federal action to prevent the Asian carp from moving in the Great Lakes and Mississippi River waterways. Republicans hate the federal government until they need it.

    October 27, 2011 09:45 am at 9:45 am |
  3. Bill from GA

    Any deal with tax increases is off the table. It would probably be filibustered in the Senate, or blocked by the House.repugs, if it got out of the Super Committee.

    And don't touch the subsidies for Big Oil, where Exon increased profits 41% over last year.

    Unless the people of the USA are once again willing to pay for our country, such as during the Clinton years, we are going down the toilet. It takes money to have a great country, and repugs don't think our country is worth paying for.

    October 27, 2011 09:54 am at 9:54 am |
  4. ConservaFASCISTS/TEAliban/TEAhadists

    1.2 trillion dollars is nickels and dimes compared to 3 trillion in cuts democrats offered yesterday and compared to the original 4 trillion the President and the Weeper were negotiating. These republicans are protecting the top 1% at any cost. We can not cut our way to prosperity. This is definitely class warfare and it's being waged by the rich.

    OBAMA/BIDEN 2012
    E. WARREN 2012

    October 27, 2011 09:55 am at 9:55 am |
  5. stevie

    They should start by dropping obamacare. That`s over trillion dollars right there.

    October 27, 2011 10:17 am at 10:17 am |
  6. PA_outofwork

    Start with the repeal of Obama care; that’s 1 trillion a year over 10 years. Next; Obama has racked up 4.5 trillion in less than 3 years, repeal every law since 2007 the Democratic Congress put into palce and reverse every presidential executive Obama implemented. That’s what’s coming starting in 2013, might as well start now.

    October 27, 2011 10:24 am at 10:24 am |
  7. Fair is Fair

    Why isn't $1.2 Trillion enough?

    Simple. They're only cutting that from the GROWTH of the federal government obligations. They need to cut the federal government itself. STOP FEEDING THE MONSTER.

    October 27, 2011 10:39 am at 10:39 am |
  8. PA_outofwork

    1.2 trillion is nowhere near enough given; even if the debt committee can come up with1.2 trillion in cuts; we the American people can expect one; the possibility of two more downgrades of the countries credit rating.

    October 27, 2011 10:40 am at 10:40 am |