Congress has named all 12 members of the joint committee charged with coming up with $1.5 trillion in deficit reduction. The 12-member committee, split evenly between Democrats and Republicans, has until Thanksgiving to reach a compromise and present it to the full Congress, which then has to vote by Christmas with either a yes or no—amendments are prohibited from being tacked on to the committee’s proposed legislation. If the vote doesn’t take place, a trigger provision kicks in automatically slashing the Pentagon’s budget. House Minority Leader Nancy Pelosi named the final three members Aug. 11. They are: Rep. Jim Clyburn (D-S.C.), Rep. Chris Van Hollen (D-Md.), and Rep. Xavier Becerra (D-Calif.). The other Democrats are: Sen. Max Baucus (D-Mont.), Sen. John Kerry (D-Mass.), and Sen. Patty Murray (D-Wash.), who will co-chair the committee. Republicans are: Co-chair Rep. Dave Camp (Mich.), Rep. Fred Upton (Mich.), Rep. Jeb Hensarling, Sen. Jon Kyl (Ariz.), Sen. Rob Portman (Ohio), and Sen. Pat Toomey (Pa.). (Pelosi release) (Politico report)
The Air Force and Boeing agreed to a nearly $2.4 billion contract for a new lot of KC-46 aerial tankers on Nov. 21. The deal, announced by the Pentagon, is for 15 new aircraft in Lot 11 at a cost of $2.389 billion—some $159 million per tail.