Reality Check: Ohio senators on the debt ceiling debate - Cincinnati News, FOX19-WXIX TV

Reality Check: Ohio senators on the debt ceiling debate

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(FOX19) - From one day to the next, the debate over the nation's debt ceiling gets more complicated.

The White House is now floating the idea of cutting social security as part of their comprise with Republicans.

Here's how it breaks down.

Social Security would be cut by $112 billion over the next 10 years.  The plan would raise taxes by $60 billion and it would cut pension and veterans' disability payments by $24 billion.  Those estimates come from the nonpartisan Congressional Budget Office.

I talked with Senator Sherrod Brown Thursday, who told me he is not interested in cutting Social Security.

"I will not vote to raise the Social Security retirement age.  There are too many construction workers and nurses and people looking on factory floors who's bodies can't sustain working until they're 70."  says Sen. Brown.

The President has been meeting with lawmakers and called their latest meetings "constructive" and "frank," though he said they remain "far apart on a wide range of issues."

Where they are furthest apart the issue of taxes.  Most Republicans are saying no tax increases, period.  Democrats are demanding some cuts at a minimum.  Senators Brown and Rob Portman both spoke out about that Thursday.

"Democrats want to see some of these tax loopholes closed for wall street and for oil companies."  says Brown.

"When you tax something people do less of it that's why we tax smoking so if you want economic growth the last thing we should do is raise taxes on working, raise taxes on savings, raise taxes on investments."  says Sen. Portman.

Here's what you need to know.

Republicans and Democrats are still very far apart on this issue, but even as they are, time is short.

Some lawmakers are now saying forget the August 2nd deadline.  Because in the time it will take to read through the bills and turn them into law, if a vote doesn't happen by Monday, they say there won't be a vote in time.

And that is Reality Check.

http://www.bloomberg.com/news/2011-07-07/social-security-cuts-weighed-by-lawmakers-under-change-in-inflation-gauge.html

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