GOP official: Debt talks are a ‘roller coaster ride’

Associated Press

WASHINGTON

The Republican co-chairman of a committee in charge of slashing the nation’s deficit on Sunday called deliberations a “roller coaster ride” and gave no indication that a deal could be struck before the panel’s Thanksgiving deadline.

Texas Rep. Jeb Hensarling said the panel will fail unless Democrats agree to significant “structural” changes to entitlement programs such as Medicare and Social Security.

When asked whether that could be done in a matter of days, he said “we haven’t given up hope.”

The supercommittee has until Nov. 23 to agree on how to reduce the deficit by at least $1.2 trillion in the next decade.

Any amount less than that would be made up in automatic across-the-board cuts divided evenly between defense and domestic programs.

The panel has been stymied for weeks over taxes.

Democrats want to raise revenue by making tax code changes that directly add money to government coffers.

Republicans have agreed to increase government revenue, but are demanding large cuts to benefit programs, which they say are bleeding Americans dry.

Both sides have blamed the other for failing to move forward.

Last week, White House Press Secretary Jay Carney said that President Barack Obama has told panel members that their finished product must contain both sources of new revenue, or taxes, as well as spending cuts.

Hensarling offered no new talking points Sunday, indicating that the two sides remain far from reaching consensus.

“We want more revenues. We just want to raise it by growing the economy,” he said.