Federal debt super-committee may miss budget deadline - KWWL - Eastern Iowa Breaking News, Weather, Closings

Federal debt super-committee may miss budget deadline

Posted:
WASHINGTON, D.C. (KWWL) -

The Republican co-chair of Congress' debt super-committee says chances are slim that the panel can agree on a plan to reduce spending by $1.2 trillion over 10 years by the committee's Thanksgiving eve deadline.

Texas Rep. Jeb Hensarling says "nobody wants to give up," but that "the reality is to some extent starting to overtake hope."

To meet the deadline, members would have to agree on the outlines of a package by Monday to allow time for drafting and assessing by the Congressional Budget Office.

Republicans are demanding changes in programs such as Medicare and Medicaid while Democrats are insisting on tax increases on the wealthy.

Democrat co-chair Sen. Patty Murray of Washington is appealing for "shared sacrifice."

Powered by Frankly