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Keyword: supercommittee

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  • Jonah Goldberg: Don't Underestimate The Things That Obama Will Do For Spite (video)

    10/16/2013 4:33:47 PM PDT · by i88schwartz · 9 replies
    RealClearPolitics ^ | October 16, 2013 | RealClearPolitics
  • House GOP eyes supercommittee to settle shutdown, debt ceiling

    10/08/2013 9:40:09 AM PDT · by sheikdetailfeather · 36 replies
    The Hill ^ | 10-8-2013 | Erik Wasson and Russell Berman
    The House will vote as soon as Tuesday on forming a special committee of House and Senate members to work out a deal on reopening the government and raising the nation’s $16.7 trillion debt ceiling, multiple GOP sources told The Hill. The move is an attempt to highlight what the GOP sees as a refusal by Democrats to compromise in order to end the budget crisis. It also echoes the creation of a debt supercommittee to resolve the last debt ceiling impasse in 2011. Lawmakers will separately vote on legislation to pay essential federal personnel, including those working right now...
  • Fact-check: Woodward wrote that Obama administration proposed sequester

    10/23/2012 2:00:24 AM PDT · by markomalley · 3 replies
    The Daily Caller ^ | 10/22/12 | Matthew Boyle
    During Monday evening’s final presidential debate between Mitt Romney and Barack Obama, the president said he and his administration didn’t offer the so-called budget “sequester” as a tool to cut the military budget, despite reports alleging he did.“The sequester is not something that I’ve proposed,” Obama said during the debate in Boca Raton, Fla. “It is something that Congress has proposed. It will not happen.”That directly contradicts a 2012 book from investigative journalist Bob Woodward — the Washington Post editor who, with Carl Bernstein, took down President Richard Nixon over the 1970s-era Watergate scandal. “Then-OMB Director Jack Lew, now the...
  • Romney Slams GOP Leaders - Including His Own VP Nominee - for 2011 Budget Deal

    09/08/2012 6:52:51 PM PDT · by Orange1998 · 48 replies
    ABC News via Yahoo ^ | Jake Tapper
    <p>Rep. Paul Ryan, R-Wis., as chair of the House Budget Committee, was part of the team that signed off on the budget deal with the White House, mandating immediate spending cuts, creating a "Super-committee" tasked to finding $1.5 trillion in further deficit rediction, and raising a self-imposed sword of Damocles - $1.2 trillion in cuts to the Pentagon and domestic spending that few in Congress wanted - if the Super-committee failed.</p>
  • Defense secretary Panetta blasts defense budget cuts in visit to ship off California coast

    03/31/2012 7:01:02 AM PDT · by Doogle · 27 replies
    FOXNEWS ^ | 03/31/12 | AP via FOX
    ABOARD THE USS PELELIU – Defense Secretary Leon Panetta told Marines and sailors on Friday that Congress would be irresponsible if it doesn't act to prevent drastic military budget cuts. In a visit to this amphibious assault ship off the Southern California coast, he also said Afghanistan is making progress against the Taliban but Iran remains a potential threat to the U.S. A budget agreement reached last August calls for defense cuts of $487 billion over a decade, a reflection of the drawdown of two wars in Iraq and Afghanistan and the pressure to reduce the nation's deficit. The failure...
  • Cain: ‘Look for My Army on Capitol Hill’

    12/20/2011 1:03:38 PM PST · by Fred · 123 replies
    NRO Online ^ | 122011 | Robert Costa
    Herman Cain tells National Review Online that he will launch a new political-action committee in January. The outfit, whose final name remains under wraps, will be Cain’s main project next year. Its mission will be to enact his “9-9-9” economic plan. “We continue the campaign without a candidate,” says Cain, who hinted at the endeavor during his departure speech. “There are a lot of people who are willing to support the campaign for solutions without the end objective being my election as president of the United States.” As Cain transitions to private life, “Friends of Herman Cain,” the financial force...
  • Gutting Defense Results In Cutting Jobs

    12/16/2011 9:02:07 AM PST · by raptor22 · 12 replies · 1+ views
    Investor's Business Daily ^ | December 16, 2011 | IBD staff
    Military Spending: The head of the House Armed Services Committee says already enacted and looming defense cuts could cost the economy a million and a half jobs. It could cost the nation much more than that. As we've written, the upcoming mandated cuts in defense spending, on top of already enacted cuts,are real cuts, not cuts in the rate of growth. They are deep cuts in the budget baseline that will impair military readiness and our ability to meet our commitments and respond to crises around the world. They will also take a toll on the nation's job picture. Rep....
  • Super Committee: Success or Failure?

    12/02/2011 3:01:09 AM PST · by OwenKellogg · 9 replies
    American Thinker ^ | November 29, 2011 | Frank Ryan
    In the Budget Control Act of 2011, Congress created the Super Committee. The Super Committee, technically called the "Joint Select Committee on Deficit Reduction," was chartered with the responsibility to "reduce the deficit by at least $1,500,000,000,000 over the period of fiscal years 2012 to 2021." In the attempt to force a compromise on deficit reduction, the House and Senate decided to mandate specific cuts in defense and domestic programs to include Medicare, should the Super Committee not solve the deficit reduction problem. The total reduction spending cuts under various assumptions in the bill could amount to over $1.2 trillion...
  • 5 Ways the 2012 Election Has Changed Since the Super Committee's Failure

    11/30/2011 9:58:53 AM PST · by Kaslin · 8 replies
    Townhall.com ^ | November 30, 2011 | Matt Mackowiak
    The 2012 political year is right around the corner and the recent failure by the so-called "Super Committee" to reach agreement on $1.2 trillion in deficit reduction will re-cast the environment on Capitol Hill and shape the 2012 campaign. With divided control of Congress, and a 60-vote threshold in the U.S. Senate, major Congressional action before the 2012 election is now extremely unlikely. Congress always seems to need a deadline to make the members focus on the country's business, and December promises to be a busy month. It's likely that members of Congress will do the following: - Pass yet...
  • Super Committee: Success or Failure?

    11/29/2011 12:08:40 AM PST · by neverdem · 5 replies
    American Thinker ^ | November 29, 2011 | Frank Ryan
    In the Budget Control Act of 2011, Congress created the Super Committee. The Super Committee, technically called the "Joint Select Committee on Deficit Reduction," was chartered with the responsibility to "reduce the deficit by at least $1,500,000,000,000 over the period of fiscal years 2012 to 2021." In the attempt to force a compromise on deficit reduction, the House and Senate decided to mandate specific cuts in defense and domestic programs to include Medicare, should the Super Committee not solve the deficit reduction problem. The total reduction spending cuts under various assumptions in the... --snip-- Whenever two or more groups have...
  • Mark Steyn: More More More - How do you like Andrea True’s federal government?

    11/28/2011 10:45:09 PM PST · by neverdem · 9 replies
    NATIONAL REVIEW ONLINE ^ | November 26, 2011 | Mark Steyn
    More More MoreHow do you like Andrea True's federal government? I see Andrea True died earlier this month. The late disco diva enjoyed a brief moment of global celebrity in 1976 with her ubiquitous glitterball favorite:  More More More  How do you like it? How do you like it? More More More How do you like it? How do you like it? In honor of Andrea’s passing, I have asked my congressman to propose the adoption of this song as the U.S. national anthem. True, Miss True wrote the number as an autobiographical reflection on her days as a porn-movie...
  • Sen. Pat Toomey says Dems torpedoed debt panel to protect Obama

    11/28/2011 9:40:38 AM PST · by freespirited · 12 replies · 1+ views
    The Hill ^ | 11/28/11 | Jonathan Easley
    Supercommittee member Sen. Pat Toomey (R-Pa.) accused Democrats on Monday of torpedoing the deficit supercommittee because a success would have “stepped on” President Obama’s campaign narrative. Speaking Monday on CNBC’s Squawk Box, Toomey said there’s “something to” suggestions that Democrats had an incentive to see the supercommittee fail. “That goes to the asymmetry of the incentives and I think there was something to that,” Toomey said. “The president’s fundamental campaign message was to run against Congress - never mind the fact that half of Congress is controlled by the Democrats, but that’s his purpose, and certainly an agreement in this...
  • Was it Really a Super Failure?

    11/27/2011 6:44:13 AM PST · by Kaslin · 20 replies
    Townhall.com ^ | November 27, 2011 | Bob Beauprez
    More than the curious “lead from behind” strategy often preferred by Barack Obama, an apt description of his efforts to steer the Super Committee to an acceptable conclusion would best be described as “in absentia.”  Both Republicans and Democrats noted with disappointment the President’s absence in a challenge that was always thought to be difficult at best – even doomed, in the opinion of many experienced Congressional observers.  The morning after the announced failure by the committee members to reach a solution, Jay Carney was asked by a reporter if the President had bothered to talk with even one of...
  • The supercommittee failed because Democrats insisted on $1 trillion in new taxes

    11/25/2011 7:17:33 PM PST · by Innovative · 45 replies
    Washington Post ^ | Nov 25, 2011 | Jon Kyl, Rob Portman, Pat Toomey, Jeb Hensarling, Fred Upton and Dave Camp
    We do not choose to add more to the blame game for failure of the Joint Select Committee on Deficit Reduction , but one Democratic talking point needs debunking: that the talks failed because of Republicans’ attachment to the Bush tax cuts. The untold story of the negotiations is the significance of the Republican offer of fundamental tax reform. It is critical to understand the interplay between the proposal (dubbed the "Toomey plan") and existing tax law. At no time in the negotiations did the Democratic committee members drop their insistence that, one way or the other, any deal had...
  • Jeb Hensarling explains: Why the Super Committee Failed

    11/25/2011 9:30:21 AM PST · by SeekAndFind · 16 replies
    Wall Street Journal ^ | 11/23/2011 | Jeb Hensarling
    All now know that the Joint Select Committee on Deficit Reduction has failed to reach an agreement. While there will still be $1.2 trillion of spending cuts as guaranteed under the Budget Control Act, we regrettably missed a historic opportunity to lift the burden of debt and help spur economic growth and job creation. Americans deserve an explanation. President Obama summed up our debt crisis best when he told Republican members of the House in January 2010 that "The major driver of our long-term liabilities . . . is Medicare and Medicaid and our health-care spending." A few months later,...
  • The Norquist Myth

    11/25/2011 7:50:28 AM PST · by Servant of the Cross · 13 replies
    National Review ^ | 11/25/2011 | Charles Krauthammer
    Democrats can’t tell the difference between tax revenues and tax rates.Democrats are unanimous in charging that the debt-reduction supercommittee collapsed because Republicans refused to raise taxes. Apparently, Republicans are in the thrall of one Grover Norquist, the anti-tax campaigner, whom Sen. John Kerry called “the 13th member of this committee without being there.” Senate Majority Leader Harry Reid helpfully suggested “maybe they should impeach Grover Norquist.” With that, Norquist officially replaces the Koch brothers as the great malevolent manipulator that controls the republic by pulling unseen strings on behalf of the plutocracy.
  • Sen Kerry: Taxes Will Be Defining Issue In Coming Months

    11/24/2011 6:49:56 PM PST · by Son House · 51 replies · 1+ views
    Wall Street Journal ^ | NOVEMBER 21, 2011 | Siobhan Hughes
    Sen. John Kerry (D., Mass.) Monday said a deal to cut the federal deficit fell apart because Republicans refused to raise taxes, and said the issue would be the defining debate for Congress as the country heads toward the 2012 elections. "America is stuck with the absolute rigidity of people who wanted to protect the wealthiest people in the country instead of providing $1.2 trillion of deficit reduction," Kerry said in impassioned remarks hours after the congressional panel announced it had failed to reach a deal. "That's the fight we have to take out to the country over the course...
  • Super Failure, Or Success?

    11/23/2011 2:09:48 PM PST · by Sick of Lefties · 3 replies
    Noman Says ^ | 11/22/11 | Noman
    Thomas Sowell identifies the true and only significance of the "super committee," which ended its negotiations in failure. Supposedly draconian cuts are to follow, which naturally will not transpire. All that has happened is that blame for reckless spending will shift from the party that spent onto the party that for the most part opposed spending. [quote] If you think the goal was to solve the country's fiscal crisis, then obviously the Super Committee was a complete failure. But, if you think the goal was to improve the chances of the Obama administration being re-elected in 2012, it was a...
  • Senate Dems Plan To Push New Spending To Add $400 Billion To $15 Trillion Deficit…

    11/23/2011 10:53:33 AM PST · by Qbert · 8 replies
    Weasel Zippers ^ | 11/23/2011 | Weasel Zippers
    In other words, they’re going to waste everyone’s time. (The Hill) – After failing to reach a deal to reduce the deficit, the Senate will move next month to take up legislation that could add more than $400 billion to the deficit. All of the proposals, such as the extension of the payroll tax cut and unemployment insurance, are popular but come with no agreement on how to pay for them. Senate Democrats will go on offense next week by forcing Republicans to vote on extending and expanding the payroll tax cut, which accounts for $240 billion of the tab,...
  • Navy Blue Angels fly into era of budget questions

    11/23/2011 7:07:09 AM PST · by SkyPilot · 33 replies
    AP ^ | 23 Nov 2011 | MELISSA NELSON
    <p>PENSACOLA NAVAL AIR STATION, Fla. — The Navy's Blue Angels have been thrilling audiences for more than six decades with their acrobatic flying in fighter planes, but a new era of federal budget worries and proposed deficit cutting has some inside and outside the military raising questions about the millions it costs to produce their shows.</p>
  • Doomsday for defense? (After supercommittee’s failure, cuts threaten America's military future)

    11/22/2011 4:44:36 PM PST · by presidio9 · 25 replies
    NY Post ^ | November 21, 2011 | Arthur Herman
    The news last week from the Pentagon’s supersecret Defense Advanced Research Projects Agency that it had successfully tested a hypersonic missile capable of speeds up to 3,082 mph caused quite a stir in military circles, and no wonder. Imagine being able to aim at and hit any target on the planet within an hour; or soldiers in Afghanistan calling in a pinpoint airstrike with missiles fired from Omaha. Taken together with the successful test by the Office of Naval Research over Halloween of its hypersonic electromagnetic railgun — which, once it goes into action, can knock out approaching missiles as...
  • For supercommittee, failure was an option

    11/22/2011 5:00:04 PM PST · by SmithL · 12 replies · 1+ views
    San Francisco Chronicle ^ | 11/22/11 | Debra J. Saunders
    A few months ago, Washington's big bad wolf was Republicans' refusal to compromise by supporting any deficit reduction plan that included tax increases. Republicans were unreasonable, editorial pages fulminated, obstructionist and standing in the way of meaningful reform. On Monday, the supercommittee admitted it had failed to cut $1.2 trillion from the deficit over 10 years. Citizens Against Government Waste spokesperson Leslie K. Paige called it "the unpardonable turkey." At least this turkey cannot be laid on the GOP's doorstep. Last week, a Republican on the supercommittee did try to compromise. As Politico reported, Sen. Pat Toomey, R-Pa., offered a...
  • Rep. Barney Frank: Supercommittee failure ‘good news’ for Dems

    Rep. Barney Frank (D-Mass.) said the congressional supercommittee's failure Monday to come to an agreement on spending reforms was “good news” because it will help to end the Bush-era tax cuts and give Democrats more bargaining power in budget negotiations. Groups on the edges of both the liberal and conservative spectrums have cheered the death of the supercommittee. Liberal groups like the Progressive Change Campaign Committee were happy that programs such as Social Security and Medicare were spared, while Tea Party conservative groups applauded the breakdown in talks because no tax increases emerged from the deficit-reduction panel. The supercommittee’s failure...
  • CBS' Bill Plante: Obama "Administration couldn't be happier this [super committee] is failing"

    11/22/2011 1:31:15 PM PST · by Laissez-faire capitalist · 18 replies · 1+ views
    Youtube ^ | 11/21/2011 | GOPICYMI
    [CBS' senior White House correspondent, Bill Plante]: "... But it's safe to say that in the absence of a real debt deal, which of course they'd like to have, this administration couldn't be happier that this is failing, because they will try to blame it all on Republicans going into the election year."
  • Failure or Success? (Thomas Sowell)

    11/22/2011 12:37:19 PM PST · by jazusamo · 21 replies
    Creators Syndicate ^ | November 22, 2011 | Thomas Sowell
    Many people are lamenting the failure of the Congressional "Super Committee" to come up with an agreement on ways to reduce the runaway federal deficits. But you cannot judge success or failure without knowing what the goal was. If you think the goal was to solve the country's fiscal crisis, then obviously the Super Committee was a complete failure. But, if you think the goal was to improve the chances of the Obama administration being re-elected in 2012, it was a complete success. Imagine that there had been no Super Committee in the first place. Who would be blamed...
  • Boehner Commends 'Dignified and Statesmanlike' Negotiations of Supercommittee (Praises Patty Murray)

    11/22/2011 8:43:54 AM PST · by Qbert · 50 replies
    CNS News ^ | November 22, 2011 | Susan Jones
    (CNSNews.com) - House Speaker John Boehner is among the lawmakers expressing disappointment that the 12-member Joint Select Committee on Deficit Reduction could not agree on a way to accomplish its assigned task, which was to reduce the federal budget deficit by $1.2 trillion. "While I am disappointed, the House will forge ahead with the commitments we have made to reducing government spending and removing barriers standing in the way of private-sector job creation," Boehner said in a statement issued on Monday after the supercommittee announced its failure. "I commend both of the panel's leaders, (Republican Rep.) Jeb Hensarling and (Democratic...
  • German press irked by US, pushes WH on debt

    11/22/2011 8:01:15 AM PST · by Qbert · 10 replies
    Washington Examiner ^ | 11/21/2011 | Joel Gehrke
    In an apparent suggestion of United States hypocrisy on debt issues, a journalist in the German media challenged White House Press Secretary Jay Carney on the role of the United States in responding to the European debt crisis. "The U.S., as far as I know, has a worse debt-to-GDP ratio than the whole eurozone, and we are talking about the eurozone, not about the United States and that Congress can't get its act together," said a member of the German press during the briefing. "So from the European perspective, it seems that this country is in a bigger mess than...
  • For supercommittee, failure was an option (could have been heroes - go home bums)

    11/22/2011 4:18:09 AM PST · by Libloather · 10 replies
    Kansas City ^ | 11/22/11 | KEITH CHROSTOWSKI
    For supercommittee, failure was an optionBy KEITH CHROSTOWSKI - The Kansas City Star Updated: 2011-11-22 Well, they’ve blown it. Failure was an option. The 12 supercommittee senators and representatives announced Monday they couldn’t come up with a spending, taxing and deficit reduction package. Thanks for wrecking everyone’s Thanksgiving. The stakes for the long-term health of the economy have just grown more dire. America’s reputation for leadership has just taken another hit. An agreement would have provided a bracing contrast to the struggles in Europe over the debt crisis there. It would prove to the world that the United States can...
  • Obama to Veto Any Attempt to Roll Back Automatic Cuts After Committee's Inability to Reach Deal

    11/21/2011 8:08:19 PM PST · by presidio9 · 54 replies
    FOX News ^ | November 21, 2011
    President Obama said he would veto any effort by lawmakers to repeal a requirement for $1 trillion in automatic spending cuts to be triggered after the Super Committee failed to agree on terms to save the country $1.2 trillion over a 10-year span. “There will be no easy off ramps on this one,” Obama said at an afternoon press conference where he laid blame squarely on Republicans who refused to bend in their defense of tax cuts for the wealthy during debt talks. “We need to keep the pressure up to compromise, not turn off the pressure.” He went on...
  • Obama's Politicized Response to Super Committee Failure: Rush Called It Days Ago

    11/21/2011 6:34:55 PM PST · by EricTheRed_VocalMinority · 8 replies
    Vocal Minority ^ | 11/21/11 | EricTheRed
    This is why Rush Limbaugh is one of the smartest commentators out there (Not that it was totally unpredictable but ...): Obama's entire strategy is no deal. … Obama's praying for super committee failure. His $1 billion campaign requires it. … Not only is failure not an option, failure is the goal.-- Rush Limbaugh, November 16, 2011It's smoke and mirrors, folks. You put 12 partisan Democrats on this committee who have as their number one objective reelecting Barack Obama and I will guarantee you that there is no way that this problem's gonna be solved. That's not the Obama strategy …...
  • The Super Committee Racked Up More Debt

    11/21/2011 4:37:54 PM PST · by Qbert · 1 replies
    The Street ^ | 11/21/11 | Eric Rosenbaum
    NEW YORK (TheStreet) -- The Joint Select Committee on Deficit Reduction, otherwise known as the super committee, accomplished one thing: It wasted government money. [Snip] ... It doesn't provide any numbers but with Monday's failure, whatever expenses were incurred are now just another waste of taxpayer money. The Budget Control Act legislation stated the super committee was authorized to incur whatever expenses it needed in order to do its job. The co-chairs of the committee were also authorized to appoint and "fix" the compensation of staff "as they deem necessary," though subject to Senate rules on employment. Funding came from...
  • (WI Senator) Johnson Comments on ‘Supercommittee’ Failure to Reach Deficit Reduction Agreement

    11/21/2011 4:25:01 PM PST · by Mygirlsmom · 3 replies · 1+ views
    Senator's Website ^ | 11/21/2011 | Senator Ron Johson - R, WI
    Oshkosh, Wisconsin - Senator Ron Johnson (WI) made the following statement today upon learning that the Joint Select Committee on Deficit Reduction, the ‘supercommittee,’ failed to reached a deficit reduction agreement before the deadline: “Last week, our nation's debt surpassed the $15 trillion mark, and it continues to grow by approximately $100 billion a month. Add in the unfunded liabilities of Social Security, Medicare, and federal pensions, and our nation's total liabilities equal $99 trillion ($321,000 per person). When you consider the fact that our $99 trillion liability exceeds the entire net asset base of the United States ($78 trillion),...
  • Supercommittee’s failure pushes Bush tax cuts to forefront of 2012 campaign

    11/21/2011 4:18:52 PM PST · by Qbert · 6 replies
    Washington Post ^ | 11/20/2011 | Peter Wallsten
    The imminent failure of the congressional deficit “supercommittee,” which had a chance to settle the nation’s tax policy for the next decade, would thrust the much-contested Bush tax cuts into the forefront of next year’s presidential campaign. Those tax changes have repeatedly provoked fiery partisan debate since they were enacted during President George W. Bush’s first term. Now, with the cuts due to expire at the end of 2012 and their fate left unresolved by the supercommittee, both parties are already positioning themselves to exploit the issue for maximum electoral advantage. President Obama, who campaigned on repealing the breaks for...
  • Super Committee Fails to Reach Deficit Agreement

    11/21/2011 2:12:14 PM PST · by illiac · 73 replies
    National Journal ^ | 11/21/11 | Billy House
    The bipartisan congressional committee tasked with finding at least $1.2 trillion in deficit reduction announced on Monday it cannot reach agreement by the Wednesday deadline, a stark if not unexpected admission that its efforts have ended in failure. "After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline," the co-chairs, Rep. Jeb Hensarling, R-Texas, and Sen. Patty Murray, D-Wash., said. The declaration came late Monday afternoon in a written statement from the 12-member Joint Select Committee...
  • There Will Be No Spending Cuts! Even with Sequestration, Spending Will Go Up 16%

    11/21/2011 12:55:35 PM PST · by Kaslin · 17 replies
    Rush Limbaugh.com ^ | November 21, 2011 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Oh, come on, man, it's not because the super committee didn't do anything. It's not why the stock market's down about 300 points. Everybody knew the super committee wasn't gonna do anything. And, by the way, there are no spending cuts. Even with sequestration, there are no spending cuts. It's just reductions in the rate of growth. It's the same old thing. Spending is still gonna go up. It's just like everything else with the US budget, it's said to be a cut because it's not going up as much. But defense spending with sequestration will still...
  • New Spending Bill, More Fiscal Stupidity

    11/21/2011 6:05:49 AM PST · by Kaslin · 8 replies
    Townhall.com ^ | November 21, 2011 | Lurita Doan
    If Congress was ever in search for a theme song, it would surely be the 60’s hit by Sonny and Cher called—“The Beat Goes On”. Americans received yet another reminder of just how far this group of fiscal miscreants will go to avoid making tough budget decisions when Congress passed a “minibus” spending bill. This hodgepodge of appropriations manages to simultaneously delay, once again, the painful necessity of confronting excessive spending, while simultaneously eroding the little fiscal discipline that does exist. No one should be surprised that fiscal malpractice continues in Congress as we lurch from CR to CR to...
  • Where in the world is Obama? Where in the world is Obama?

    11/21/2011 5:47:04 AM PST · by afraidfortherepublic · 13 replies
    The Hill ^ | 11-21-11 | Judd Gregg
    The president was in Hawaii while the supercommittee hit stall speed. What is new about this? Very little. Throughout his term, President Obama has avoided leading on the issue of fiscal responsibility. He walked away from his own commission, the one led by former Sen. Alan Simpson (R-Wyo.) and former White House Chief of Staff Erskine Bowles, when he found its report filled with inconvenient choices. Now in a week when leadership is needed to push this critical committee to do something big and bring the nation’s fiscal house back into order, the president once again disappears. It causes one...
  • The Impossible Numbers

    11/21/2011 5:25:49 AM PST · by expat1000 · 8 replies
    Sultan Knish ^ | Sunday, November 20, 2011 | Daniel Greenfield
    Some political systems are based on beliefs and identity. The American congress is built on spending money. The spoils system long ago became the spoiled system with money as the lubricant of politics. The legacy of a leader used to be measured by his accomplishments, today it’s measured by how much money he managed to extract from the collective pool of real and imaginary money held in the sweaty hands of the legislatures. Much of the money is imaginary, but in the minds of the politicians it’s all imaginary. Unreality is an elementary tool of price inflation. The more outrageous...
  • Super Committee about to be a super failure?

    11/20/2011 8:18:43 PM PST · by Qbert · 34 replies
    Hot Air ^ | NOVEMBER 20, 2011 | JAZZ SHAW
    With the Washington Post reporting – and Senator Jon Kyl confirming – that there’s a general sense of malaise surrounding budget deal negotiations, the end may be in sight. Unfortunately, the light at the end of the tunnel is looking more and more like it’s the headlight of an oncoming train. The congressional committee tasked with reducing the federal deficit is poised to admit defeat as soon as Monday, and its unfinished business will set up a year-end battle over emergency jobless benefits and an expiring payroll tax holiday. Those provisions are among a host of measures set to lapse...
  • Aides: 'Super Committee' likely to announce failure to reach debt deal

    11/20/2011 8:29:49 AM PST · by Sub-Driver · 37 replies
    Aides: 'Super Committee' likely to announce failure to reach debt deal By Lisa Desjardins and Kate Bolduan, CNN Washington (CNN) -- Members of the "super committee" charged with coming up with $1.2 trillion in budget cuts are focused on how to announce failure to reach a deal, Democratic and Republican aides confirmed to CNN Sunday. While aides said no final decision had been made, they acknowledged that -- barring an unforeseen development -- an announcement of no deal is the most likely scenario. Talks on trying to reach a deficit reduction agreement are essentially over and discussions are focused on...
  • John Boehner betrays Americans with "Super Committee" sell-out

    11/20/2011 11:07:18 AM PST · by Oldpuppymax · 23 replies
    Coach is Right ^ | 11/20/2011 | Doug Book
    Nothing is more maddening to conservatives than the ease with which Capitol Hill Republicans endlessly compromise away the rights, liberty and heritage of the American people and the best interests of our nation. On August 2nd the debt-reduction “Super Committee” was born of the Budget Control Act of 2011, its purpose to cut 1.2 trillion dollars from the federal budget over the next decade. If the handpicked Committee of 6 Republicans and 6 Democrats should fail to agree upon mutually acceptable legislation by November 23rd, automatic spending cuts will take effect beginning in 2013 (after the election, of course.) “Acceptable...
  • David Brooks: ‘Welcome Greece. We are going to be Greece’ (Video)

    11/19/2011 11:36:11 AM PST · by Rufus2007 · 28 replies
    The DC ^ | Jeff Poor
    Although many hope that members of the super committee will still reach an 11th hour deal on spending cuts before the November 23 deadline, New York Times columnist David Brooks doubts that any deal will ever be reached, now or in the future. Brooks suspects that United States is headed toward a fiscal crisis much like that of Greece. On Friday night’s broadcast of PBS’s “NewsHour,” Brooks said that despite the best possible groundwork being laid to reach a deal, a deal still couldn’t be made. “Yes, I mean, I’m hearing the exact same thing,” Brooks said. “I think the tragedy...
  • Supercommittee failure could trigger US credit downgrade, economists warn

    11/18/2011 6:17:19 PM PST · by ColdOne · 25 replies
    guardian.uk.co ^ | 11/18/11 | Dominic Rushe
    Economists are warning of dire consequences if US politicians fail to make progress this weekend in tense talks aimed at reducing America's massive deficit ahead of a Wednesday deadline. The bi-partisan congressional super-committee is charged with drawing up plans for a $1.2tn reduction in the nation's deficit by the middle of next week. Failure to do so will trigger an automatic "sequester" that will make cuts of that size to defence and social welfare programmes starting in 2013. But the two sides seem far from finding a solution after clashing over tax revenues.
  • Supercommittee, Super Confusion (On taxes and spending, better to have no deal than a bad deal)

    11/18/2011 7:59:54 AM PST · by SeekAndFind · 8 replies
    National Review ^ | 11/18/2011 | James Capretta
    As the November 23 deadline looms for the Joint Select Committee on Deficit Reduction — the “supercommittee” — to approve a deficit-cutting proposal or disband, the GOP again seems to be running the substantial risk of stealing defeat from the jaws of victory. Recall that in the early part of the summer, House Speaker John Boehner was in the thick of negotiations with President Obama over the parameters of a “grand bargain” on the budget. The deal that was then under discussion would have required the GOP to agree to an $800 billion tax increase in return for Democratic support...
  • Super Committee and Europe are Volatile Combination for Markets (More turmoil ahead)

    11/18/2011 7:57:43 AM PST · by SeekAndFind
    CNBC ^ | 11/18/2011 | By: Patti Domm
    Brace yourself for yet another day of financial markets vertigo. Stock traders Friday will be watching headlines from Europe, and increasingly they will be turning to Washington for any signs of movement by the Congressional "super committee." It is also a day for options expirations, another source of volatility. The bi-partisan super committee has until Wednesday to agree to $1.5 trillion in deficit reductions over 10 years. But the committee still appears far apart and is likely to continue negotiations over the weekend. It is seemingly still split along party lines on the topics of taxes and entitlement programs. Investor...
  • Murray: Debt Panel Democrats Waiting On GOP Compromise

    11/17/2011 11:12:14 AM PST · by mdittmar · 21 replies
    Dow Jones ^ | Nov 17, 2011 | Kristina Peterson
    WASHINGTON -(Dow Jones)- Democrats on the congressional deficit-reduction committee delved into another round of meetings Thursday, insisting that the next step toward compromise must come from Republicans. Sen. Patty Murray of Washington, the Democratic leader of the Joint Select Committee on Deficit Reduction, said that Democrats made a significant concession in their latest proposal. "We have made it clear that we are willing to meet their offer, but it has to be in a way that's fair to working families and puts our country back to work," she told reporters as she entered a meeting of the supercommittee's six Democratic...
  • Pelosi to supercommittee Republicans: Tax the rich to avoid defense cuts

    11/17/2011 11:20:30 AM PST · by Sub-Driver · 44 replies
    Pelosi to supercommittee Republicans: Tax the rich to avoid defense cuts By Mike Lillis - 11/17/11 12:04 PM ET If Republicans wish to avoid defense cuts, House Minority Leader Nancy Pelosi warned Thursday, they should agree with Democrats to tax the rich. The California Democrat accused Republicans of feeling more bound to the anti-tax pledge of Grover Norquist, head of the conservative Americans for Tax Reform, than to their oath to serve and defend the country. “The sequester is what it is,” Pelosi said during a press briefing in the Capitol, referring to the $1.2 trillion in automatic cuts that...
  • Hensarling says GOP is willing to consider new Dem tax proposals

    11/17/2011 9:13:36 AM PST · by Qbert · 37 replies
    The Hill ^ | 11/16/11 | Russell Berman
    Republicans on Wednesday signaled they would consider higher tax revenues to win a supercommittee deal if Democrats offer deeper cuts to entitlement spending. Rep. Jeb Hensarling (Texas), a conservative Republican who is the co-chairman of the deficit supercommittee, walked back a statement he made Tuesday on television, when he said Republicans “have gone as far as we feel we can go” by offering to raise $250 billion in new tax revenues. Briefing reporters on Wednesday, Hensarling said Republicans would be “more than happy to negotiate” around a new offer from Democrats, pointedly declining to say whether $250 billion was the...
  • A Super Tax Hike Spells Disaster: Better to Fall Back on the Trigger

    11/17/2011 8:49:50 AM PST · by Hojczyk · 9 replies
    Rea Clear Politics ^ | November 17,2011 | Larry Kudlow
    Trouble is, Democrats don't buy into it -- at least not yet. Senate supercommittee members Patty Murray and John Kerry have opposed real tax reform. And it has been reported that House supercommittee member Xavier Becerra opposes it (although Chris van Hollen might be looking at it). But the whole trouble with the machinations of the two sides in this deficit-cutting episode is that the closer you get to the Nov. 23 deadline, the more compromises are made. Democrats are pulling hard for higher tax rates, which would damage the economy, while Republicans are making no progress getting any meaningful...
  • Jim DeMint Offers Welfare Reform Plan (Dear SuperCommittee, it saves $2.4 Trillion)

    11/17/2011 7:06:12 AM PST · by SeekAndFind · 17 replies
    National Review ^ | 11/17/2011 | By Betsy Woodruff
    A group of Republican senators has proposed a plan to reform welfare — not so much because they expect it to succeed, but to make an important point: that the deficit supercommittee can meet its $1.2 trillion goal without raising taxes. “I think there’s kind of an acceptance that as long as there’s Democratic control of the Senate, we’re not going to pass anything good,” said Sen. Jim DeMint (R., S.C.), one of the bill’s cosponsors. “Our point here is to show that there is a lot of money that we could save and deal with our deficit in a...