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Biden, Congress Discuss US Debt

Service : Economy
TEHRAN, May 6 (ICANA) – US Vice President Joe Biden and Congressional leaders have met at the White House to discuss plans for lowering the country's USD 14.2 trillion debt.
Friday, May 06, 2011 11:51:13 AM
Biden, Congress Discuss US Debt

Democrat Joe Biden met with Republican and Democratic congressional lawmakers in the first of a series of meetings to tackle the country's budget deficit, a Press TV correspondent in Washington reported.

No detail has been released about the meeting.

“The problem is that we're spending so much money…, that the debt's exploding. They will agree that it's a big problem, and they will write on paper targets that make it a smaller problem and promise they're going to meet them, but they're not going to say how,” said Douglas Holtz-Eakin from the American Action Forum.

According to Holtz-Eakin, who is also a former director of the office of Management and Budget and the President's Council of Economic Advisors under former president George W. Bush, the Republicans and the Democrats are still far from reaching an agreement on budget cuts.

US President Barack Obama has asked for a rise in the debt ceiling, looking to further borrowing as a solution, while Republicans disagree with the proposal.

Republicans have said they will not agree with Obama's plans unless a cut is made in entitlement programs' spending.

They previously offered cuts in benefits for elders, Medicare, and Medicaid funds, a program for low-income people, while Democrats have suggested cutting the deficit by increasing taxes on the wealthy.

The meeting comes after a near shutdown of the US federal government which was averted last month by a last-minute agreement on a USD 39 billion cut.

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