Federal Debt Committee Gearing Up To Hold First Meeting This Thursday
The bipartisan, bicameral debt panel created by the recent budget agreement will hold its first meeting this Thursday, followed by its first public hearing on Sept. 13, National Journal reports (House/Friedman, National Journal, 9/3).
As part of the recent debt deal, the panel must develop and pass by the end of November at least $1.5 trillion in federal spending cuts over 10 years.
Failure to do so would trigger a series of across-the-board cuts. Medicaid would be exempt from those cuts, and Medicare is protected from deep spending cuts. However, the deficit panel is not bound by those stipulations (California Healthline, 8/25).
Plans for Meeting
Rep. Jeb Hensarling (R-Texas) and Sen. Patty Murray (D-Wash.), co-chairs of the panel, said the first meeting will include opening statements by committee members and consideration of proposed panel rules (National Journal, 9/3).
During the hearing the following week, Congressional Budget Office Director Douglas Elmendorf is scheduled to testify on the history and causes of the national debt (Steinhauer, "The Caucus," New York Times, 9/2).
Upcoming Deadlines for Panel
Deadlines for the panel over the next few months include:
- Oct. 14: House and Senate committees must finish submitting recommendations to the panel;
- Nov. 23: The panel must vote on a plan to cut $1.5 trillion from the deficit;
- Dec. 2: The panel must submit legislative language for its plan to the president and Congress;
- Dec. 23: The deadline for when Congress must pass the panel's plan; and
- Jan. 15, 2012: The date on which the $1.2 trillion in automatic spending cuts take effect, if the panel's suggestions have not been enacted (National Journal, 9/3).