The congressional deficit-reduction “super committee” has less than a month to bang out an agreement that would reduce the federal defict by at least $1.5 trillion over the next decade. 6th District Congressman Jim Clyburn is one of six Democrats on the 12 member group which also includes six Republicans.
In an interview Wednesday with Columbia affiliate WVOC, Clyburn says the reductions cannot all be spending cuts, saying it would prove ruinous to the economy.
If the super committee doesn’t meet its deadline, a number of automatic cuts would go into effect for the 2013 fiscal year. The vast majority of the back-up plan cuts would fall on discretionary spending, with half of the $109 billion yearly cuts coming from defense spending. Social Security and Medicaid would remain untouched. The third major entitlement program, Medicare, would be cut a maximum of 2 percent, or about $11 billion in the fiscal year 2013 budget.
Clyburn says the deal that the super committee is attempting to hammer out would include several forms of deficit reduction. While a number of critics have expressed doubt that the bipartisan committee will agree on a plan before the deadline. Clyburn says he remains hopeful.
AUDIO: Clyburn says debt reduction cannot involve only spending cuts