Now that the president and Congress has agreed upon a debt limit compromise, a 12-member committee will now look at ways to trim $1.5 trillion off the country’s deficit over the next 10 years. Senator Lindsey Graham, who voted “no” on the debt limit compromise, says he doesn’t expect success in the committee’s search for ways to cut the deficit.
“The joint committee I don’t think is going to be able to have a breakthrough on entitlement spending because Democrats are going to want more revenue, and Republicans are not going to want to raise taxes, so you’re going to have an impasse over that,” says Graham.
Graham says if the committee fails to reach a conclusion–
“Then, the triggers are two things: Medicare and defense spending. Under the deal, if the committee can’t report out cuts of $1.2 trillion, Medicare is on the table, but only for providers. You can’t adjust the age, you can’t means test my benefits, you can’t ask me to pay more as an upper-income American who can afford to pay more for Medicare,” says Graham.
The committee is tasked with finding $1.5 trillion to cut off the deficit. However, the Congressional Budget Office says that would be $1.2 trillion after inflation.
The committee has until the end of November to make its recommendations.