Vice President Joe Biden's goal of cutting $1 trillion from the federal budget could include cuts to Medicare, according to a Bloomberg report.
In discussions with Congressional leaders, Mr. Biden hinted that Democrats may consider cuts to Medicare if Republican leaders agreed to raise taxes in order to close the deficit. So far, Republicans have rejected increasing taxes in order to close budget gaps.
Both parties are working to reach an agreement before the United States' $14.3 trillion debt limit is reached, which is projected to occur in August. Republicans are demanding spending cuts before they agree to extend the limit. If an extension is not granted before then, the U.S. would default on its debts.
Mr. Biden seems to be leading the charge in coming to an agreement following a breakdown by the "Gang of Six" last week. While some conservatives oppose abandoning House Budget Committee Chair Paul Ryan's (R-Wis.) budget, it is unlikely it would gain approval in the Senate.
The group of Congressional leaders meeting with Mr. Biden have so far agreed to $200 billion in spending cuts, but a final proposal could take weeks, according to the report.
Read the Bloomberg report on Medicare cuts.
Related Articles on the Federal Deficit:
President, GOP Agree Medicare Spending Must be Tamed, But How?
Hospital Groups Slam GOP Budget Plan, Especially Medicaid Cuts
In discussions with Congressional leaders, Mr. Biden hinted that Democrats may consider cuts to Medicare if Republican leaders agreed to raise taxes in order to close the deficit. So far, Republicans have rejected increasing taxes in order to close budget gaps.
Both parties are working to reach an agreement before the United States' $14.3 trillion debt limit is reached, which is projected to occur in August. Republicans are demanding spending cuts before they agree to extend the limit. If an extension is not granted before then, the U.S. would default on its debts.
Mr. Biden seems to be leading the charge in coming to an agreement following a breakdown by the "Gang of Six" last week. While some conservatives oppose abandoning House Budget Committee Chair Paul Ryan's (R-Wis.) budget, it is unlikely it would gain approval in the Senate.
The group of Congressional leaders meeting with Mr. Biden have so far agreed to $200 billion in spending cuts, but a final proposal could take weeks, according to the report.
Read the Bloomberg report on Medicare cuts.
Related Articles on the Federal Deficit:
President, GOP Agree Medicare Spending Must be Tamed, But How?
Hospital Groups Slam GOP Budget Plan, Especially Medicaid Cuts