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Congressional debt commission takes shape

JEREMY HOBSON: Well as part of the deal that Congress reached last week to raise the debt ceiling a super committee was created. Six Senators and six House members have to agree on $1.5 trillion in additional debt reduction over the next few months -- or there will be an across the board cut in spending.

One of the members of the super committee is Congressman Dave Camp -- a Republican from Michigan. He joins us now. Good morning.

DAVE CAMP: Good morning, Jeremy, good to be with you.

HOBSON: Well, great to have you hear. Now Congressman, I want to ask the big question first -- I'm sure that the democrats on the super committee are probably going to want tax increases as part of a package. If they insist on that, is a compromise possible?

CAMP: Look, I think we need to keep everything on the table right now. But, I do think we have to look at any proposal through the prism of will this enhance the sector's ability to create jobs. And I think that's the number one focus of all of us now, is how do we get the private sector growing, and employers hiring again?

HOBSON: What does the list of people who are serving on the committee, so far, tell you about what's going to happen? Do you think you're likely to get a deal?

CAMP: A couple things, I think, I'm hopeful about. And one is, we're required to report by the end of November, so this is going to be a expedited process, and secondly if we don't report, there will be across the board cuts that will come into place. And I think the thought of those -- I hope will keep everybody at the table trying to come up with a solution that we actually have some say in as opposed to these across the board reductions which could be more painful than anything we could come up with as a committee.

HOBSON: So you would not be OK with an across the board cut?

CAMP: No, I think we're going to try to avoid that and that's the back step. The other thing is this committee has legislative authority -- what we decide will come to the House and Senate, and be voted upon -- and that does give the committee at least an incentive to try to do something because there's a chance to be acted on.

HOBSON: Republican Congressman Dave Camp of Michigan. A member of the new super committee. Thank you so much for talking to us.

CAMP: Thanks a lot, Jeremy, take care.

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So this committee made up of the very people who could not come up with a plan are now going to come up with a plan.

Sorry, even though I know "past performance does not reflect future performance", I'm not going to hold my breath.

This is the very reason I moved my 401k stocks into money market funds in my 401k (0.3% gain vs 27.3% loss so far.)

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