President Barack Obama’s senior adviser David Plouffe said Sunday a lot of work remains before a debt-ceiling deal is finalized, but added if all goes as discussed, there could be as much as $4 million in savings by 2013, Politico reports.
“Well, now we’re going to do it in two stages, but ultimately we need the same outcome, which is we need significant deficit reduction — $3 trillion or $4 trillion over 10 years — really begin to reduce the deficit in the years after that, and it’s got to be done in a balanced way,” Plouffe said on ABC’s “This Week.”
Plouffe said any entitlement cuts in the second part of the deal would have to include tax reform.
“I think that what’s clear is that pretty much both parties agree that there's going to be a first stage of deficit reduction, over a trillion dollars, that there is going to be a process,” he said.
© 2014 Newsmax. All rights reserved.