Clyburn: Debt trigger a good starting point for Biden talks

Clyburn said $2 trillion in savings can be found easily, with $1 trillion coming from letting the Bush era tax cuts for the wealthy expire.

He said that a basic principle of the Biden talks has to be compassion for low-income Americans.

Entitlement reform should be on the table in the talks, he said.

He said that he wants to see the cap on payroll taxes collected for Social Security be raised in order to make it solvent. He said that he is against raising the retirement age, unless the retirement age is lowered for manual laborers.

On Medicare, Clyburn said he is still examining Obama's proposal to impose stricter cost controls through the Independent Payment Advisory Board. “I am concerned about Congress giving up that much power,” he said. Clyburn does not support the GOP plan to turn Medicare into a type of voucher system.

Clyburn said he is examining a debt-trigger proposal by the Bipartisan Policy Center called “Savego” which outlines an array of spending cuts and tax increases to meet debt-reduction targets.