Tags:

White House: Too Soon to Write off U.S. Debt Panel

Thursday, 03 Nov 2011 02:33 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

* No signs of an outline for a plan

* Leading House Democrat says expectations are low

By Caren Bohan

WASHINGTON (Reuters) - The White House still has hopes for a congressional deal to cut the U.S. budget deficit, despite a looming Nov. 23 deadline and low expectations from the 12-member "super committee" charged with making a deal.

Many in Washington are growing increasingly pessimistic about the prospects for an agreement among the Democratic and Republican lawmakers on the special budget panel.

But White House budget director Jack Lew said Wednesday he has been in regular contact with the panel's members and viewed such prognostications as premature.

"I think that we have a habit in Washington of trying to write obituaries while the patient is still fighting," Lew said at a Politico Playbook breakfast. "I do live my life as an optimist."

With the panel's deadline for reaching an agreement only three weeks away, there is no visible sign yet of a plan or even the outline of one.

On Wednesday, Steny Hoyer, the No. 2 Democrat in the House of Representatives, described expectations for the super committee's success as low.

The legislation that established the panel of six Democrats and six Republicans requires agreement on at least $1.2 trillion in budget savings over 10 years to avoid setting off automatic budget "triggers" that would force deep cuts in both domestic and defense programs.

Revenue increases are at the heart of the super committee's logjam. Democrats insist they must be part of any deficit reduction deal but Republicans are so far sticking to their resistance to higher taxes.

Under a separate process, the U.S. Congress -- where Republicans control the House and Democrats have a majority in the Senate -- also must agree on bills to fund the government for the rest of the fiscal year that started Oct. 1.

A bill was passed in early October to keep the government funded temporarily but that expires on Nov. 18.

Asked if he was worried about a government shutdown if Congress cannot pass the bills at the end of the year, Lew said he was hopeful that could be avoided.

"There is a risk," he said. "There's no doubt that this could become another one those ideological conflicts. It shouldn't." (Writing by Caren Bohan; Editing by Bill Trott)

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ted Cruz: Moderate Republican Won't Win White House in 2016

Thursday, 30 Oct 2014 09:04 AM

U.S. Senator Ted Cruz says the Republican Party should learn from history that running a moderate candidate for presiden . . .

Vets and Service Members to Be Tracked for Chemical Exposure in Iraq

Thursday, 30 Oct 2014 08:53 AM

Service members and veterans who served in Iraq and may have been exposed to Saddam Hussein's decaying chemical warfare  . . .

'Recovering' Economy a Major Drag on Governors in Midterms

Thursday, 30 Oct 2014 08:43 AM

In a midterm election year where so much attention has been focused on U.S Senate races, there are also several high-sta . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved