Posted: Nov 13, 2011 10:20 AM by AP Posted by James H Egbert
WASHINGTON (AP) - The Republican co-chair of a committee in charge of slashing the nation's deficit on Sunday called deliberations a "roller coaster ride" and gave no indication that a deal could be struck before the panel's Thanksgiving deadline.
Texas Rep. Jeb Hensarling told CNN's "State of the Union" that the panel will fail unless Democrats agree to significant "structural" changes to entitlement programs like Medicare and Social Security. When asked whether that could be done in a matter of days, he said "we haven't given up hope."
The supercommittee has until Nov. 23 to agree on how to reduce the deficit by at least $1.2 trillion in the next decade. Any amount less than that would be made up in automatic across-the-board cuts divided evenly between defense and domestic programs.