By Dan Freed
New York (TheStreet) — The fragile housing market may attract the attention of the Congressional committee charged with finding ways to cut the growing U.S. deficit.
The Joint Select Committee on Deficit Reduction won’t be able to put much of a dent in the deficit by going after housing subsidies, but the subsidies are nonetheless thought to be relatively easy pickings.
The bipartisan, bicameral committee of 12 was created by the deficit reduction plan passed by Congress and signed by President Obama this week. It must cut $1.5 trillion in 10 years or a tough series of cuts to areas dear to each party–such as Defense and Medicare will kick in automatically.