Federal Debt Limit

posted Aug 2, 2011, 1:47 PM by Frank Baskin   [ updated Aug 16, 2011, 12:04 PM ]
On August 2,2011 the President signed an extension of the Federal Debt limit.There will be many cuts in Federal programs which will not necessarily....FOR MORE CLICK TITLE... impact Social Security or Medicare. However, once a super congressional committee meets it is unclear what they will do and if they will impose cuts or restrictions on these programs. This Committee will meet soon. It is required by the late Fall to make its recommendations to the Congress which can only accept or reject the proposal. There cannot be any ammendments. If the Committee or congress cannot make a decision  there will be automatic reductions in both domestic and defense expenditures. There is a concern that Medicaid, Medicare, and/or Social Security will be impacted.