The Obama administration believes the “super committee” created by the new budget deal can raise revenue and take on entitlement program spending.
Jon Carson, a deputy assistant to President Obama, writes about that view in a White House blog entry on the super committee.
The Budget Control Act of 2011, a measure signed into law Tuesday, lifted the federal government’s official debt limit and gave the government the legal authority to borrow the money needed to meet government obligations, such as the need to pay Social Security benefits recipients and holders of government debt.
The special commission provision requires the Republicans and Democratic leaders in the House and Senate to appoint a total of 12 members to a special commission. The commission is supposed to recommend a package of changes that will cut spending by $1.5 trillion over 10 years by Thanksgiving.
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Beth Mantz-Steindecker of Washington Analysis, Washington, a “buy side” research firm, suggested that the act could give new life to all budget reform proposals considered over the past few years.
Carson says voters might ask, “As the joint committee comes up with a plan, what’s on the table?”
“Everything,” Carson says. “The joint committee has no restrictions on where it can find ways to reduce our deficit. It can eliminate tax loopholes, just like it can cut spending. President Obama believes that the committee should listen to the vast majority of Americans who support a balanced approach that includes revenue.”