Debt ceiling deal is just the beginning - NBC12 - WWBT - Richmond, VA News On Your Side

Debt ceiling deal is just the beginning

WASHINGTON, DC (WWBT) - Even though there's a deal---- we're not completely out of the woods.

It's up to a 12-member committee of lawmakers to find savings from every corner of the Federal budget.

Instead of sprinting across the finish line, leaders in Washington limped to August 2nd, with work still to be done.

"The uncertainty surrounding the raising of the debt ceiling, for both businesses and consumers, has been unsettling. And just one more impediment to the full recovery that we need. And it was something that we could have avoided entirely," said President Obama.

President Barack Obama is preparing the country for what is to come.  Another fierce debate, this one with even greater consequences if the goals are not met.

"The cuts that would come a year from now, would be very challenging to Virginia, particularly on the defense side, all the more reason to get a real plan in place," said Senator Mark Warner.

That plan would come from a bi-partisan commission, a master group that must develop a strategy that most lawmakers can agree on and will pass. It is something that hasn't been accomplished up until now, but Eric Cantor, the house majority leader believes the conversation has changed.

"We didn't get into this problem overnight and this bill doesn't fix it overnight, but I think the precedent we began to set was that we got to stop spending money we don't have, said Cantor.

But many liberal members of Congress aren't prepared to give up that fight quite yet. While conservative members are prepared to reform the tax code, tax increases remain off the table, which makes you wonder how a deal could get done. Senator Jim Webb believes it must.

"You have to be careful how you govern. Particularly in a time of such fragility. In terms of our national economy and our position around the world, said Webb.

That is a point lawmakers will need to keep in mind as the new deadline of Thanksgiving approaches.

Speaking of that bi-partisan commission, Senator Mark Warner, who was part of the original "Gang of 6" said today that he would like to be a member of the joint committee.

The members will be picked by house and senate leadership.

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