Republican and Democratic leaders have chosen nine of the 12 members comprising the Joint Select Committee on Deficit Reduction, which is charged with finding $1.5 trillion in savings by Thanksgiving, according to multiple news sources.
On the GOP side, House Speaker John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) have chosen Reps. Jeb Hensarling (R-Texas), Dave Camp (R-Mich.), Fred Upton (R-Mich.) and Sens. Jon Kyl (R-Ariz.), Pat Toomey (R-Penn.) and Rob Portman (R-Ohio), according to a CNN report.
On the Democratic side, Senator Harry Reid (D-Nev.) has appointed Sens. Patty Murray (D-Wash.), Max Baucus (D-Mont.) and John Kerry (D-Mass.). House Democratic Leader Nancy Pelosi (D-Calif.) is expected to select three more lawmakers, according to a New York Times report.
Under the Budget Control Act of 2011, which President Obama signed into law just two weeks ago, this special Congressional committee would be charged with finding $1.2 trillion in savings. The potential savings, coupled with more than $900 billion in spending cuts over the next 10 years, is designed to match the government's extended borrowing power of $2.1 trillion-$2.4 trillion.
Notably, Sen. Baucus is the chair of the Finance Committee, which oversees Medicare, Medicaid and taxes. Medicare will particularly be a point of contention for the committee. If the committee fails to recommend savings by Thanksgiving, as much as $1.2 trillion in automatic cuts will be enacted, equally affecting defense and domestic programs, including Medicare payments to healthcare providers. Although Sen. Baucus has broken from the Democratic rank and file before, he is largely expected to fight GOP efforts to cut into healthcare reform, according to the New York Times report.
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On the GOP side, House Speaker John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) have chosen Reps. Jeb Hensarling (R-Texas), Dave Camp (R-Mich.), Fred Upton (R-Mich.) and Sens. Jon Kyl (R-Ariz.), Pat Toomey (R-Penn.) and Rob Portman (R-Ohio), according to a CNN report.
On the Democratic side, Senator Harry Reid (D-Nev.) has appointed Sens. Patty Murray (D-Wash.), Max Baucus (D-Mont.) and John Kerry (D-Mass.). House Democratic Leader Nancy Pelosi (D-Calif.) is expected to select three more lawmakers, according to a New York Times report.
Under the Budget Control Act of 2011, which President Obama signed into law just two weeks ago, this special Congressional committee would be charged with finding $1.2 trillion in savings. The potential savings, coupled with more than $900 billion in spending cuts over the next 10 years, is designed to match the government's extended borrowing power of $2.1 trillion-$2.4 trillion.
Notably, Sen. Baucus is the chair of the Finance Committee, which oversees Medicare, Medicaid and taxes. Medicare will particularly be a point of contention for the committee. If the committee fails to recommend savings by Thanksgiving, as much as $1.2 trillion in automatic cuts will be enacted, equally affecting defense and domestic programs, including Medicare payments to healthcare providers. Although Sen. Baucus has broken from the Democratic rank and file before, he is largely expected to fight GOP efforts to cut into healthcare reform, according to the New York Times report.
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