Deficit Committee Sets Earlier Deadline
WASHINGTON (AP) - Congress' 12-member supercommittee considering ways to reduce the deficit is supposed to report its recommendations by Thanksgiving but will likely need to draw its conclusions earlier than that. The panel is supposed to find $1.5 trillion in reductions and Congressional Budget Office Director Douglas Elmendorf says the decisions will have to mostly be made by the beginning of November for his number crunchers to review.
He says that's the only way to submit real legislation along with a CBO analysis to go with it. The supercommittee holds hearings this week on revenue options and possible tax code revisions.