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NEXT UP Panel to Decide $1.5T in Deficit Cuts The White House vis Getty Images

Panel to Decide $1.5T in Deficit Cuts

Turns out the whole deficit debate is not over yet. The deal struck by Congress has a provision that calls for the creation of a special bipartisan committee to cut $1.5 trillion from the deficit—and experts are saying a fierce battle is expected. Democrats are pushing to end the debt-limit battle and tackle the issue of jobs, and while President Obama has not said how he will pay for programs like extending unemployment insurance, some said tax hikes were in the future. But Republicans have said cutting spending will boost the economy, which could mean another partisan war. The 12-person panel—made up of six Republicans and six Democrats—will have to send their recommendations by Nov. 23.

August 2, 2011 8:59 PM