Debt Cutting Talks Focus on Pensions, Agriculture
Bloomberg
June 16, 2011
Democrats say major changes to Medicare, the long-term driver of the debt, are off the table, while Republicans have dug in against tax increases. Steve Bell, a onetime budget aide to Republican former Senator Pete Domenici of New Mexico, said the federal debt is projected to rise to $23 trillion over the next 10 years, diluting the effect of even a $2 trillion spending-cut deal.
“You are taking off the table the single biggest drivers of our future problems in the fiscal realm,” said Bell, whose boss was budget committee during part of his Senate tenure. “It will have made no changes in the underlying structural, fiscal problems that we face.”
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Infographic
Based on the housing industry’s average share of Gross Domestic Product (GDP) from 1980 to 2007, the infographic illustrates that 2.3 percent or $350 billion is “missing” in potential growth.
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