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Watch live at 8 00 p. M. Eastern on cspan 2 online at www. Cspan. Org or listen live on the free cspan radio app. This weekend newsmakers, the chairman of the House Budget Committee is joining us from louisville. Thank you for being with us. Good to be with you. We also have with us sarah ferris with politico. And jennifer with roll call. Lets begin with the budget rollcall act. You face a deadline. Remind us how we got to this point. The budget cap. Thank you. In 2011, there was a special committee of 16 members of the house and senate. Their goal was to come up with a deficit reduction plan. The process was under the budget control act, which ultimately passed, they set motion sequestration. The idea was that if these 16 people could not come to an agreement in a way to reduce the deficit, there would be automatic budget cuts. It has a 10 year duration. It expires after 2021. Right now, if we dont by statute increase the ....
Debt for being with us. Thank you for being with us. We have sarah ferris with politico. And jennifer with roll call. Lets begin with the budget rollcall act. You face a deadline. Remind us how we got to this point. The budget cap. Thank you. In 2011, there was a special committee of 16 members of the house and senate. Their goal was to come up with a deficit reduction plan. The process was under the budget control act, which ultimately passed, they set motion sequestration. If these 16 people could not come to an agreement in a way to reduce the deficit, there would be automatic budget cuts. It has a 10 year duration. It expires after 2021. Right now, if we dont by statute increase the levels part of the budget control act, we will face cuts of about 125 billion. Equally allocated against the defense and nondefense side. We have this cliff you are talking about. There is also the crisis of the debt ceiling which could have effects on the financial markets. I want to know, how much of ....
Their goal was to come up with a deficit reduction plan. The process was under the budget control act, which ultimately passed, they set in motion a system called sequestration. The idea was if these 16 people could not come to an agreement on a way to reduce the deficit, there would be automatic budget cuts put in place. The budget control act as a 10 year duration. It expires after 2021. Right now, if we dont by statute increase the budget levels that are part of the budget control act, we will face cuts in the next fiscal year of about 125 billion. Relatively equally allocated against the defense and nondefense side. We have this cliff you are talking about. There is also the crisis of the debt ceiling which could have catastrophic effects on the financial markets. If congress cant agree to raise that. I want to know, how much of the burden is on democrats to find a solution that can work, a deal with republicans, if it is not an ideal situation. Democrats during the shutdown were a ....
Thank you for being with us. We have sarah ferris with politico. And jennifer with roll call. Lets begin with the budget rollcall act. You face a deadline. Remind us how we got to this point. The budget cap. Thank you. In 2011, there was a special committee of 16 members of the house and senate. With aoal was to come up deficit reduction plan. Was under the budget control act, which ultimately set motiony sequestration. If these 16 people could not come to an agreement in a way to reduce the deficit, there would budget cuts. It has a 10 year duration. It expires after 2021. We dont byf statute increase the levels part of the budget control act, we will face cuts of about 125 billion. Equally allocated against the defense and nondefense side. We have this cliff you are talking about. There is also the crisis of the debt ceiling which could have effects on the financial markets. Much of theow, how burden is on democrats to find a solution that can work, a deal with republicans, if it is ....