Deficit Reduction - September 12, 2011


Now that Congress has returned from its annual August recess, attention will immediately be focused on the workings of the special joint Senate-House committee that Congress created to deal with the federal government’s deficit and debt crisis. Formally known as the “Joint Select Committee on Deficit Reduction” this bi-cameral and bi-partisan 12-member committee has the challenging task of coming up with recommendations to reduce the deficit by a minimum of $1.2 trillion over the next decade.

So who are these 12 wise men (and woman) who will undertake this herculean task? From the Senate, the three Democratic Senators are Patty Murray (WA) (who will act as co-chair), John Kerry (MA), and Max Baucus (MT), and the three Republican Senators are Jon Kyl (AZ), Rob Portman (OH), and Pat Toomey (PA). From the House of Representatives, the three Republican Congressmen are Jeb Hensarling (TX) (who will act as the other co-chair), David Camp (MI), and Fred Upton (MI). The three Democratic Congressmen are Xavier Becerra (CA), James Clyburn (SC) and Chris Van Hollen (MD). And while all 12 were selected by their respective chamber’s party leadership, collectively they bring a wealth of experience in understanding the inner workings of the federal budget and issues like entitlements, taxes, and program funding.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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