WASHINGTON (AP) — Gridlock, as much as it's derided, may be the best outcome for the elderly, health care providers and poor people in this fall's fight over further deficit cuts.
A new congressional supercommittee, split evenly between Democrats and Republicans, has until Thanksgiving to propose a gargantuan $1.5 trillion in budget savings over 10 years. Every federal program and tax is a potential bull's-eye for the panel.
If it doesn't produce such a package, or Congress doesn't pass its plan by Christmas, up to $1.2 trillion in spending cuts would be automatically unleashed on hundreds of programs. It's meant to be a scary prospect, but it doesn't threaten everyone.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
