‘Super’ debt reduction committee to meet September 8
Barely a month after the debt limit saga ended with a last-minute vote on August 2, the super committee that vote created to find additional spending cuts will hold its first meeting on September 8.
That’s when the Joint Select Committee on Deficit Reduction will meet for the first time. The ultimate goal of the bipartisan group of 12 lawmakers is to find $1.5 billion in spending cuts during six months of meetings. In the very first meeting, though, the members will consider proposed committee rules.
The committee’s first official hearing will be held on September 13.
Republican Rep. Jeb Hensarling of Texas and Democratic Sen. Patty Murray of Washington serve as co-chairs of the committee. Other Democratic members are Reps. James Clyburn of South Carolina, Chris Van Hollen of Maryland, Xavier Becerra of California; and Sens. Max Baucus of Montana, and John Kerry of Massachusetts.
The Republican roster includes Reps. Dave Camp of Michigan, Fred Upton of Michigan, and Sens. Jon Kyl of Arizona, Pat Toomey of Pennsylvania and Rob Portman of Ohio.
The debt limit bill cuts roughly $2.4 trillion over the next decade, but it’s not without a two-step process. The first $917 billion in cuts are accompanied by an increase in the debt ceiling by $900 billion. After six months, another $1.5 trillion in spending cuts must be agreed upon before President Barack Obama can request another increase in the debt limit.