If the deficit super committee can’t come to an agreement then a guillotine cut will occur without touching Medicaid or Social Security by law. This means that key programs will be impacted; $1.5 trillion.
12 members picked by House and Senate leaders to reach a deficit reduction deal by Nov. 23. The panel is supposed to come up with a plan to slice $1.5 trillion in federal deficits over the next 10 years through spending cuts, tax hikes or a combination of both. If seven members agree on a plan, the resulting bill is guaranteed an up or down vote in both houses of Congress.
There are many households and companies that are struggling in today’s economy. The steps to successful management of deficits:
1) Decide upon your goal (dollars, deadline)
2) Pick a team
3) Care about helping the team reach the goal
4) Prioritize what you don’t want cut (people, services, etc…)
The key is getting to keep what you want by planning what you are ready to let go!