2 days left to reach compromise on budget - KYTX CBS 19 Tyler Longview News Weather Sports

2 days left to reach compromise on budget

Posted: Updated:

WASHINGTON, D.C. (KYTX/CBS) - There are just two days until $85-billion dollars in across-the-board budget cuts kick in. Right now, there doesn't appear to be any effort in Washington to avoid them.

The White House is insisting that any new plan includes cutting tax loopholes to bring in more revenue. Republicans say they will not approve any more tax increases. Some Senate Republicans are considering a compromise which would keep the cuts in place, but would give the President flexibility to decide which programs and government functions to cut.

Meanwhile, Federal Reserve Chairman Ben Bernanke appeared before a Senate committee Tuesday and urged Congress to delay the budget cuts. He says the immediate cuts will hurt the economy and fail to deal with long term national debt.

Bernanke says cuts do need to happen, but in the next decade when the rising costs of healthcare will make debt payments a real burden. Bernanke will go back up to capitol hill today to testify about the issue before a house committee.

 

Powered by WorldNow

CBS19, MYTX & KCEB
2211 ESE Loop 323
Tyler, TX 75701
Phone (903) 581-2211
Fax (903) 581-5769

Powered by WorldNow
All content © Copyright 2004 - 2014, WorldNow and KYTX, Owned and Operated by London Broadcasting Company.
All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.