US debt committee faces pressure

The cross-party congressional Super Committee, responsible for finding a way for the US to balance its budget is currently under intensifying pressure.

According to Press TV, the 12-member Super Committee, as it is called, has until November 23 to reach an agreement with Congress and US President Barack Obama on a plan aimed at reducing the country’s debt by USD 1.2 trillion.

The group has been reviewing entitlement programs and taxation policies for more than two months.

If the committee is able to work out an agreement, Congress must then vote on the plan by December 23. If an agreement is not made, a scheduled USD 1.2 trillion in cuts will automatically go into effect by 2013.

Democrats are also aiming for significant reforms in entitlement programs, saying that a well-balanced debt solution includes spending cuts, entitlement reforms, and increasing taxes as well.

Source: irib.ir