What are the chances they can reach an agreement?
The prospects for a majority agreement are not great because of fundamental differences between the two parties over whether tax increases should be part of the mix. President Obama and congressional Democrats are calling for a balanced approach, including entitlement cuts and increased revenues by eliminating certain tax breaks and deductions. All six Republicans on the panel have signed no-new-taxes pledges, and they insist the primary focus should be on cutting government programs.
What if they don't reach an agreement?
If the committee fails to agree or if Congress rejects its recommendations, that would trigger automatic, across-the-board cuts of $1.2 trillion, equally divided between defense and domestic programs. However, Social Security, Medicaid, veterans benefits, and other “essential” programs would be exempt from across-the-board cuts or “sequestration”...............READ MORE
If the committee fails to agree or if Congress rejects its recommendations, that would trigger automatic, across-the-board cuts of $1.2 trillion, equally divided between defense and domestic programs. However, Social Security, Medicaid, veterans benefits, and other “essential” programs would be exempt from across-the-board cuts or “sequestration”...............READ MORE
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