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Senator Durbin considers the future of the debt debates

Illinois U.S. Sen. Dick Durbin has revealed a bit more about what the future of the federal debt debates will look like.

Part of the agreement that extended the debt ceiling called for the creation of a bipartisan congressional committee made up of senators and representatives. That 12-person committee would be responsible for planning more than $1 trillion in cuts.

On Monday, Durbin said, "What lies ahead is going to be interesting."

"If they approve it, that'll be the roadmap for the next $1.5 trillion in cuts," said Durbin. "If they don't approve it, automatic cuts take place, all on the spending side - nothing in entitlements, nothing in revenue. But they're pretty deep cuts."

The 12-person committee will have 10 weeks to come up with the proposal, which will require a majority vote to be passed. Durbin said he doesn't know who will be on the committee.

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