There have been no recent meetings of the full Joint Select Committee on Deficit Reduction. However, meetings of up to six members are being held across Washington with the goal of coming to a resolution of our nation’s National Debt by November 23. That’s when the committee must have made plans to reduce or national debt by at least 1.2-trillion dollars over a decade.
Committee member, Representative Chris Van Hollen, believes the panel will agree on a deficit reduction deal and will not seek an extension. He says - more time won’t get us there. This is the moment to get it done. Van Hollen says the reasons to gain agreement include: constituent pressure on lawmakers in both parties to show they can govern; the worry about the market’s reaction to an impasse; and the bipartisan distaste for across-the-board cuts if there’s no deal.
The panel has discussed parameters for a tax overhaul — most, if not all, of which would be written by the House Ways and Means and Senate Finance committees by a set deadline next year. And, lawmakers are concerned about another credit rating downgrade. They are also eager to avoid across-the-board spending cuts that would automatically go into effect in 2013 if the joint committee is unable to fulfill its mandate.