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Obama puts Social Security, Medicare cuts on the table
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| Contributor | Craverguy |
| Last Edited | Craverguy Jul 07, 2011 05:45pm |
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| Category | News |
| Author | Reuters |
| News Date | Thursday, July 7, 2011 01:30:00 PM UTC0:0 |
| Description | WASHINGTON (Reuters) - After weeks of impasse, President Barack Obama and top congressional leaders are aiming for "something big" as they resume budget talks on Thursday to avert an imminent default.
With Republicans showing new flexibility on taxes, Democrats say Obama will push negotiators to double their target to $4 trillion (2.5 trillion pounds) in budget savings over 10 years.
That would be an ambitious goal, but there have been a few hints of progress since talks hit a brick wall two weeks ago.
The meeting, which takes place at the White House, is due to start at 11 a.m. EDT (4 p.m. British time) and last about an hour.
Obama will propose cuts in Social Security and major reductions in Medicare, which mark a major shift for the White House, The Washington Post reported late on Wednesday, citing people in both parties with knowledge of the proposal.
In exchange, Obama would seek Republican support for increasing tax revenues, the Post reported.
Negotiators are trying to craft a deal that would allow lawmakers to say they are taking steps to keep the national debt under control even as they sign off on further borrowing.
Failure to raise the $14.3 trillion debt ceiling by August 2 could force the country to default on debt service and other obligations, a move that could push the country back into recession and send shock waves through financial markets across the globe.
A small team of U.S. Treasury officials are discussing options to stave off default if Congress fails to raise the debt limit by the August 2 deadline, sources familiar with the matter told Reuters. |
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