[ti:US Congressional Committee Fails to Identify Budget Cuts] [ar:June Simms] [al:Economics Report] [by:www.51voa.com] [00:00.00]This is the VOA Special English Economics Report. [00:05.63]An American congressional committee [00:08.47]reported failure earlier this week. [00:11.27]The committee failed in its effort [00:14.52]to cut the federal budget deficit [00:16.72]by one point two trillion dollars over ten years. [00:22.17]The Co-Chairs of the Joint Select Committee [00:26.38]on Deficit Reduction released a statement. [00:30.17]It said, "we have come to the conclusion today [00:34.55]that it will not be possible to make [00:38.07]any bipartisan agreement available to the public [00:42.16]before the committee's deadline." [00:44.76]The twelve-member committee was created [00:48.39]under the Budget Control Act of Twenty Eleven. [00:52.68]The group was equally divided between the two main parties. [00:58.70]The goal was to find acceptable ways to cut federal deficits. [01:04.59]But, without an agreement, that will fall [01:09.02]to involuntary cuts through the act of sequestration. [01:14.38]The budgetary terms, sequester and sequestration, [01:19.52]mean that the Treasury Department [01:22.17]will withhold or cancel a set amount of spending. [01:27.53]By law, equal cuts in both civilian [01:32.41]and military spending will begin in twenty thirteen. [01:37.10]A total of one point two trillion dollars needs to be cut. [01:43.03]This is in addition to cuts of [01:46.42]about nine hundred billion dollars [01:49.38]required by the budget law [01:52.13]that created the congressional supercommittee. [01:55.55]Defense Secretary Leon Panetta has warned [01:59.44]the combination of cuts could hurt his department. [02:04.07]LEON PANETTA: "If the sequester goes into effect [02:06.36]and it doubles the number of cuts, [02:08.10]then it will truly devastate our national defense." [02:11.56]This has made some lawmakers feel uneasy. [02:15.98]Representative Howard McKeon of California [02:21.22]opposes new cuts in military spending. [02:25.01]HOWARD MCKEON: "National defense [02:26.53]has contributed enough to deficit reduction." [02:29.76]Many lawmakers are concerned that, with elections next year, [02:35.51]programs important to voters in their areas will be cut. [02:40.45]That would add to increasing voter anger [02:44.89]over what they consider a lack of action by lawmakers. [02:50.08]Many voters share the feelings of this man [02:54.44]in Houston, Texas, when asked about Congress. [02:59.12]HOUSTON MAN: "They all need to be replaced [03:01.68]-- every last one of them." [03:03.37]REPORTER: "How would you do that?" [03:05.02]HOUSTON MAN: "Don't vote for them next time;" [03:07.36]But President Obama has warned Congress [03:11.11]that he will block any efforts to cancel the spending cuts. [03:16.23]BARACK OBAMA: "Already, some in Congress [03:17.81]are trying to undo these automatic spending cuts. [03:21.00]My message is simple: No. I will veto any effort [03:27.84]to get rid of those automatic spending cuts." [03:30.29]Experts say that Congress and the Obama administration [03:34.94]could still reach agreement on budget cuts [03:38.71]and taxes before the sequestration takes effect. [03:43.32]And that's the Economics Report in VOA Special English. [03:48.60]Find transcripts and MP3s of our programs at 51voa.com. [03:55.96]I'm June Simms.