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Federal budget deal concerns East Texans

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By Abby Broyles - bio | email

LONGVIEW (KYTX) - The White House says a short term extension to the federal debt ceiling is not an option. President Obama met with lawmakers again Monday to hammer out a budget deal. And as CBS 19's Abby Broyles explains, the plan could mean major cuts to government programs that many East Texans depend on.

"I will not sign a 30-day, or a 60-day or a 90-day extension. That is just not an acceptable approach," President Obama said.

In a press conference at the White House Monday, President Obama said now is the time to tackle the national debt.

"It's not going to get easier, it's going to get harder, so we might as well do it now," President Obama says, "pull off the Band-aid; eat our peas."

The White House is pushing a deal that could mean trillions of dollars in spending cuts to government programs.

The proposal includes major cuts to Social Security, but it's cuts to Medicare that have a lot of people here in Longview concerned, especially when their medical bills are already a financial burden.

People like retired postmaster Marshall Richards are concerned about rising costs to Medicare.

"My wife and I, we pay over 400 dollars a month for health insurance, Medicare premiums and our supplement, so it's expensive," Richards said.

Democrats worry the White House spending cuts go too far, and Republicans want tax hikes off the table.

"The President and I do not agree on his view that government needs more revenue through higher taxes on job creators," House Speaker John Boehner said.

Time is running out to hammer out a deal before August 2 - when the Treasury Department says the U.S. may not be able to borrow money if a compromise isn't reached.

Whatever happens, East Texans hope the government's decision won't cost them their retirement.

Richards says, "We just want them to keep their part of the bargain. They told us, ‘work for 30 years or 40 years' and they'd pay our retirement. We did our part, and we'd like the government to keep their part up."

Treasury officials warn that failure to reach a deal by August 2 could lead to greater financial disaster.

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