Democrats Patty Murray, Max Baucus and John Kerry named to debt super committee

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Senate Majority Leader Harry Reid confirmed plans to name Sen. Patty Murray of Washington (left) as co-chair of the deficit reduction committee tasked with finding at least $1.2 in federal government savings by October, a Democratic aide tells CBS News.

Reid confirmed earlier reports that he name Democratic Sens. Max Baucus of Montana (center) and John Kerry of Massachusetts (right) to the committee.

The Joint Select Committee on Deficit Reduction, which was created as part of the deal to increase the debt ceiling, must vote on recommendations to reduce the deficit by November 23. If a majority approves the recommendations, the House and Senate must vote on them by December 23.

If the committee does not put forth recommendations or Congress does not enact them, $1.2 trillion in across-the-board spending cuts will be automatically triggered, including domestic and military cuts.

The committee's goal will be $1.5 trillion in savings, though in light of the recent downgrade in the U.S. credit rating, it is likely to seek greater savings. But it appears it can still meet its mandate if it finds only $1.2 trillion in deficit reduction.

The committee will ultimately be made up of 12 members - three Senate Democrats, three Senate Republicans, three House Democrats and three House Republicans. The party leadership in each chamber appoints the members. The other co-chair of the committee will be named by House Speaker John Boehner.

All the members of the committee must be appointed by August 16, and the committee must hold its first meeting by September 16.

President Obama and many Democrats are pushing for a "balanced approach" to deficit reduction that includes tax increases on high-earners, "modest adjustments" to Medicare and other health care entitlement programs, and tax reform. Many Republicans, however, have ruled out any revenue increases to address the deficit and debt. It is not clear how the committee could craft a deal that satisfies both the Democratic insistence for revenue increases with Republican opposition. 

CBSNews.com special report: America's debt battle

Reid is expected to make an official announcement in the next few days, as is Boehner, who told members of his caucus in a conference call Tuesday: "You can be confident the people I select to represent our Conference will be people of courage who understand the gravity of this situation and are committed to doing what needs to be done."

Murray chairs the Democratic Senatorial Campaign Committee, which is seeking to get Democrats elected in the 2012 cycle, and is also a senior member of the Budget Committee. Baucus chairs the powerful Senate Finance Committee, which has jurisdiction over entitlement programs and other areas that are likely to be examined by the committee.

[spike54321]

This is a real joke. Just over a week ago, they all voted against a 10 million dollar cut for the national endowment for the arts. If these people can't cut 10 million fromt he arts, I don't believe they are capable of cutting anything. And people wonder why S+P downgraded the debt? The phote shows 3 of the reasons. This is pitiful and sad.

[DrRowdyAintItGrand]

Oh this could make a good movie sequel to The Three Amigos...called The Three Comrades, cha cha cha. Tax and spend more, cha cha cha! Tax and spend more, cha cha cha! La cucaracha, la cucaracha, we can spend your money all day longgggg! La cucaracha, la cucaracha, we can pass bills at midnight like good roaches...cha cha cha

[GodblesstheUSA]

Does Congress still not get it or do they think the American people are so stupid that we will give up and let them have their way! Why do you have to have a committee (that will do NOTHING)it is just the politicians way of acting like they care, but actually doing nothing. First---have the Feds cut their own spending internally across the board---have each Dept. cut their spending by 10-20%. This is so easy since they are all having a good time on taxpayers dollars. Obama and Michelle can probably cut 10% easy and not even miss it! Why does the hardworking people have to make all the sacrifices and the government goes on about their rich busy lives. I can't wait till the elections get here- I hope all American remembers the travesty that our politicians have done to this wonderful country.

[soap-suds]

There is an extremely simple method to reduce government spending; cut a flat percent off of every program in government. Then they could look at any special cases deserving of more cuts, not increases, even to be eliminated. As it is the Republicans are not after cuts, they merely want to eliminate programs they do not like, regardless of the money saved.

[ajvw]

someone please tell John Kerry that the US cannot solve its debt problem by marrying a rich widow.

[lily777]

More of the BLIND leading the BLIND--stupidest idea ever --just plain ridiculous!

[lily777]

More of the BLIND leading the BLIND--stupidest idea ever --just plain ridiculous!

[mainer501]

Murray and Kerry are BOTH stupid. Good Lord, this get's worse and worse.

[longtree-2009]

all are career politicians. does anyone really expect changes from those types? still, keep an open mind that they will do the right things for all of the nation, all of the citizens of the USA. just don't hold your breath.

[simpleconservative]

What a bunch of dunces. It figures Prince Harry would pick the tax and spend crowd for his contribution to the committee. We can only hope for some sanity from the house members!