–Co-Chair of Deficit Panel Says Talks Will Continue Over Weekend
–Rep. Hensarling: ‘Painfully Aware’ Of Looming Deadline
–Rep. Hensarling: Wants Deal To Address ‘Jobs’ And ‘Debt’ Crisis
By John Shaw
WASHINGTON (MNI) – Rep. Jeb Hensarling, the Republican co-chairman
of Congress’s deficit reduction panel, said Friday the committee is
still working to find “common ground” on a package that addresses “our
nation’s jobs crisis and debt crisis.”
In comments to reporters outside his office, Hensarling said he’s
“painfully aware” the panel’s deadline is rapidly approaching.
He said the panel’s members are still searching for “new ideas” to
find an acceptable package and will “meet through the weekend” if
necessary in search of an agreement.
Hensarling avoided the partisan rhetoric that has been sweeping the
Capitol all week.
Hensarling and other Republicans have said this week that the GOP
is the only party that has offered a specific plan. The GOP plan is said
to call for about $750 billion in spending cuts and about $300 billion
in new revenue.
The Joint Select Committee on Deficit Reduction is charged to
submit a report to Congress by Wednesday that reduces the deficit by
between $1.2 trillion and $1.5 trillion for the 2012 and 2021 period.
The final package, if one is agreed to by the majority of the
panel’s 12 members, must be voted on without amendment by the House and
Senate by Dec. 23, 2011.
If the panel fails to agree on a spending cut package or Congress
rejects its plan, a budget enforcement trigger would secure $1.2
trillion in budget savings through across-the-board cuts.
The cuts would be equally divided between defense and non-defense
programs but would exempt Social Security, Medicaid and low-income
programs.
As the panel deliberates in small groups behind closed doors, many
in Congress are anxious, weary and skeptical that an agreement can
reached.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MFU$$$,MCU$$$]
