Biden to hold budget reduction meeting

2011-04-19 18:06

Washington - Vice President Joe Biden will this Thursday chair the first of what is tipped to be "regular" two-party meetings on ways to reduce the ballooning US deficit, the White House said.

The meeting will see Biden "lead a bipartisan, bicameral group to begin work on a legislative framework for comprehensive deficit reduction," the White House said Monday in a statement, adding that more details on the meeting would be soon released.

The effort was first announced last week in President Barack Obama's fiscal policy speech when he said Biden would hold "regular meetings" with leaders of both Republican and Democratic parties.

The aim, Obama said, would be to reach a final agreement on a deficit reduction plan "by the end of June."

In a major speech on Wednesday laying out his vision on the issue, Obama unveiled a $4-trillion deficit reduction drive, while savaging Republican plans that he said would reward the rich and fracture America's social compact.