Entries in Pelosi (2)


Deficit Super Committee Working Against the Clock on Deal

iStockphoto/Thinkstock(WASHINGTON) -- As the Joint Select Committee on Deficit Reduction, also known as the Super Committee, works up against its Nov. 23 deadline to identify at least $1.5 trillion in deficit reduction over the next decade through spending cuts and/or revenue increases, time is running short to meet its mandate.

The 12-member committee -- split evenly between Democrats and Republicans in the House and Senate -- has met regularly since early September, and oftentimes twice daily since the beginning of this month in private sessions.

But as members of the committee remain tight-lipped about the ongoing deliberations, it’s unclear how much headway the committee is actually making just six weeks before time runs out and the Capitol turns into a proverbial pumpkin.

Friday is the deadline for any standing committees to submit their own recommendations to the super committee.

On Thursday, House Minority Leader Nancy Pelosi released recommendations for revenue increases and savings from 16 Democratic ranking committee members, and she wrote a letter to the co-chairs of the Super Committee -- Democratic Sen. Patty Murray, of Washington, and Republican Rep. Jeb Hensarling, of Texas -- urging them to strike a balanced approach to meet the committee’s objective.

House Speaker John Boehner has urged the super committee to go for as big a deal as possible, but Republicans have strictly resisted any proposals that amount to a tax increase.

If the Congress passes a balanced budget amendment before the end of the year, an unlikely feat particularly in the Senate, then the total of deficit reduction required would drop to $1.2 trillion over 10 years.

Copyright 2011 ABC News Radio


Congressional Leaders to Work on Debt Legislation Following Meeting

ROBYN BECK/AFP/Getty Images(WASHINGTON) -- Congressional leaders have announced that they will draft new deficit chopping legislation following a brief meeting with President Obama on Saturday.

President Obama met with Congressional leaders for about 50 minutes Saturday morning. The meeting came after Obama declared in a terse press conference Friday evening that, "we have now run out of time."

Republic Senate leader Mitch McConnell said in a statement Saturday that "new deficit reduction legislation" will be written this weekend.

When asked if a framework could be created by Monday, Democrat and former House leader Nancy Pelosi said, "I certainly would hope so."

Copyright 2011 ABC News Radio

ABC News Radio