evidence: Tuesday’s budget compromise creates a joint committee of Congress, which you might have seen referred to as the "super committee." This committee is responsible for developing a bipartisan plan for reducing our deficit by $1.5 trillion over the next 10 years. (That’s on top of about $1 trillion from the down payment that was included in the first phase of the deal.) [...] A: Everything. The joint committee has no restrictions on where it can find ways to reduce our deficit. It can eliminate tax loopholes, just like it can cut spending. President Obama believes that the committee should listen to the vast majority of Americans who support a balanced approach that includes revenue. Q: The first round of deficit reduction was made up entirely of spending cuts. Will the second round be as well?