Federal Budget Experts Urge Deep Cuts, Compromises
Four prominent deficit-cutters are telling the bipartisan "supercommittee" of Congress that it has to reach a debt-reduction compromise that raises revenue and revamps benefit programs.
Former Republican Sen. Pete Domenici told the panel that if the two parties can't make concessions -- with Republicans accepting higher revenues and Democrats agreeing to major overhauls to programs like Medicare -- they will both be "complicit in letting America destroy itself."
The four budget experts urged the committee to go trillions of dollars beyond the savings target of $1.2 trillion over 10 years.
But the supercommittee is so far showing little sign of making progress toward a bipartisan debt-cutting deal. It has until Nov. 23 -- three weeks away -- to recommend ways to save the money. If it fails -- or Congress doesn't act by Dec. 23 -- there will be $1.2 trillion in automatic cuts to defense and many domestic programs starting next year.