Debt-reduction package continues to take shape

Published on June 23, 2011 at 1:12 AM · No Comments

Senate Budget Committee Chairman Kent Conrad, D-N.D., said the goal of trimming $2 trillion from the federal budget in the next 10 years will not be enough to change the rate of growth of the nation's debt. In the background, negotiators continue to "bear down" on the remaining "serious" issues.

The Washington Post: Senate Budget Chairman Says $2 Trillion Not Enough
The debt-reduction package emerging in talks between the White House and congressional leaders would not "fundamentally change" the alarming rate of growth in the national debt, the chairman of the Senate Budget Committee said Tuesday. Sen. Kent Conrad (D-N.D.) said the goal of slicing more than $2 trillion from the federal budget by 2021 falls far short of the savings needed to stabilize borrowing, re-energize the economy and avert the threat of a debt crisis (Montgomery and Helderman, 6/21).

Politico Pro: Biden Team Keeps On As Pressure Mounts
Federal lawmakers involved in closed-door talks over how to cut spending and raise the nation's $14.3 trillion debt limit sidestepped detailed health policy points on Tuesday to instead address broader drains on the deficit. The negotiations continued even while their colleagues expressed concerns over both content and a quickly diminishing calendar. "We're slogging through some very tough issues," Rep. Chris Van Hollen (D-Md.) told reporters after he emerged from about a two-hour meeting in the Capitol. "We're getting in very serious conversations, trying to bear down on some big issues" (Dobias, 6/22).

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