Lawmakers Urge Deficit
Reduction to Aim for $4T in Savings
November 17, 2011 at 4:50 pm
bipartisan group of U.S. lawmakers is urging the special committee
tasked with finding ways to cut $1.2 trillion from the federal deficit
to “go big” and aim for around $4 trillion in savings.
The House and Senate legislators issued the call Wednesday as the
“supercommittee” works to meet a November 23 deadline to come up with a
plan to cut the deficit over the next decade. Republican Senator Lamar
Alexander said this issue is about more than money. He said it is about
“whether the president and Congress can competently govern.”
Democratic House Minority Whip Steny Hoyer said lawmakers now have the
greatest chance seen in a generation to strike a bold agreement that
will move the country forward on a sustainable fiscal path and spur U.S.
On Tuesday, Republican leaders in the U.S. Congress said they are now
willing to break a no-tax pledge as part of a comprehensive deal to
reduce the massive federal deficit. The lawmakers said they have
submitted to the committee a proposal that would include new tax
revenue, combined with deep cuts to domestic programs championed by
President Barack Obama, a Democrat, has signaled a willingness to
restructure costly programs that provide income and health care to
retirees. On Sunday, Mr. Obama said he hopes the leaders of the
committee will do what is necessary in the coming days to agree on a
Republicans have been reluctant to support tax increases, while
Democrats have opposed deep cuts to health care and retirement programs.
If the committee does not come up with a plan by November 23, automatic
spending cuts in defense and domestic programs would begin in 2013.