News / USA

Time Running Out For US Deficit Reduction Deal

Supercommittee member, Sen. Patrick Toomey, R-Pa., left, confers with an aide, on Capitol Hill, Sept. 22, 2011.
Supercommittee member, Sen. Patrick Toomey, R-Pa., left, confers with an aide, on Capitol Hill, Sept. 22, 2011.

U.S. lawmakers say time is running out for a congressional super committee to identify $1.2 trillion in deficit reduction during the next 10 years. Partisan disagreements remain on how best to improve America’s fiscal health, despite a softening of rigid ideological positions.

Members of the bipartisan, bicameral deficit reduction committee insist a deal is still possible before the November 23 deadline established in a budget deal signed into law earlier this year.  

"The clock is running out, but it has not run out yet.  We still have time, but we have no time to waste," said Republican Senator Pat Toomey of Pennsylvania.

Toomey spoke on the U.S. television program, "Fox News Sunday."  Also appearing on Fox was another super committee member, Democratic Representative James Clyburn of South Carolina.

"We have got 10 days to do this, and I really believe that all of the ingredients for a good resolution are there.  We just need to develop the will," he said.

Should the committee fail, automatic budget cuts would be triggered that would fall on domestic spending championed by Democrats and defense spending championed by Republicans.

Both sides have put forth proposals to avoid such an outcome.  Republicans are signaling their willingness to consider at least some form of increased revenue, while Democrats say they would be willing to reduce federal spending.  But Republicans continue to insist that the bulk of savings should come from spending cuts.

"If you go too far, if you try to create too much revenue, you can do economic damage," said Senator Toomey.

Democrats are pushing for an even mix of spending cuts and tax hikes so that the budget ax does not fall disproportionately on programs replied on by the poor and disadvantaged.  Congressman Clyburn says it would be unjust to shield the wealthy from sacrifice to balance the nation’s books.

The minimum target for deficit reduction is $1.2 trillion. Some on the 12-member super committee say they hope for a much bigger deal, perhaps in the $4-trillion range, which would likely require reforms to income and health-care programs for retirees.  But the committee appears to be struggling just to meet the minimum amount.

The federal deficit exceeds $1 trillion this year.  The national debt, comprised of cumulative annual deficits, totals roughly $15 trillion, or nearly $50,000 for each man, woman, and child in the country.

You May Like

How to Safeguard Your Mobile Privacy

As the digital world becomes more mobile, so too do concerns about eroding privacy and increased hacking More

'Desert Dancer' Chronicles Iranian Underground Dance Troupe

Film by Richard Raymond is based on true story of Afshin Ghaffarian and his friends More

Audio Top 5 Songs for Week Ending May 23

This week's lineup can be summed up like this: 'It's The Same Old Song' - but they're great songs - featuring Walk The Moon, The Weeknd, Wiz Khalifa and Charlie Puth More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Female American Soldiers: Healing Through Filmmakingi
X
Bernard Shusman
May 24, 2015 2:55 PM
According to the United States Defense Department, there are more than 200-thousand women serving in the U.S. Armed Forces.  Like their male counterparts, females have experiences that can be very traumatic.  VOA's Bernard Shusman tells us about a program that is helping some American women in the military heal through filmmaking.
Video

Video Female American Soldiers: Healing Through Filmmaking

According to the United States Defense Department, there are more than 200-thousand women serving in the U.S. Armed Forces.  Like their male counterparts, females have experiences that can be very traumatic.  VOA's Bernard Shusman tells us about a program that is helping some American women in the military heal through filmmaking.
Video

Video Rolling Thunder Run Reveals Changed Attitudes Towards Vietnam War

For many US war veterans, the Memorial Day holiday is an opportunity to look back at a divisive conflict in the nation’s history and to remember those who did not make it home.
Video

Video Millions Flock to Ethiopia Polls

Millions of Ethiopians cast their votes Sunday in the first national election since the 2012 death of longtime leader Meles Zenawi. Mr. Meles' party, the Ethiopian People's Revolutionary Democratic Front, is almost certain of victory again. VOA's Anita Powell reports from Addis Ababa.
Video

Video Scientists Testing Space Propulsion by Light

Can the sun - the heart of our solar system - power a spacecraft to the edge of our solar system? The answer may come from a just-launched small satellite designed to test the efficiency of solar sail propulsion. Once deployed, its large sail will catch the so-called solar wind and slowly reach what scientists hope to be substantial speed. VOA’s George Putic reports.
Video

Video FIFA Trains Somali Referees

As stability returns to the once lawless nation of Somalia, the world football governing body, FIFA, is helping to rebuild the country’s sport sector by training referees as well as its young footballers. Abdulaziz Billow has more from Mogadishu.
Video

Video With US Child Obesity Rates on the Rise, Program Promotes Health Eating

In its fifth year, FoodCorps puts more than 180 young Americans into 500 schools across the United States, where they focus on teaching students about nutrition, engaging them with hands-on activities, and improving their access to healthy foods whether in the cafeteria or the greater community. Aru Pande has more.
Video

Video Virginia Neighborhood Draws People to Nostalgic Main Street

In the U.S., people used to grow up in small towns with a main street lined by family-owned shops and restaurants. Today, however, many main streets are worn down and empty because shoppers have been lured away by shopping malls. But in the Del Ray neighborhood of Alexandria, Virginia, main street is thriving. VOA’s Deborah Block reports it has a nostalgic feel with its small restaurants and unique stores.
Video

Video Effort Underway to Limit Damage from California Oil Spill

Cleanup crews are working around the clock to remove oil from the waters off the coastal city of Santa Barbara, in California. About 380,000 liters of oil may have leaked out before a rupture in an onshore, underground pipeline was discovered Tuesday. The environmental disaster hit the popular West Coast resort area before the Memorial Day weekend. VOA's Zlatica Hoke reports investigators have yet to determine what caused the incident.

VOA Blogs