As expected, the Super Committtee failed. Gee, what a shocker. This is about as surprising as the sun coming up this morning. Here's part of the statement from the chairs of the Super Failures, congratulating themselves for their failed work and stressing their commitment to future failed efforts:
"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.
"Despite our inability to bridge the committee's significant differences, we end this process united in our belief that the nation's fiscal crisis must be addressed and that we cannot leave it for the next generation to solve. We remain hopeful that Congress can build on this committee’s work and can find a way to tackle this issue in a way that works for the American people and our economy.
"We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us. Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task.
That's sweet, Supers. As to the committee's "significant differences", there is basically only one I'd call a deal breaker. Democrats wanted a trillion dollar tax increase, and Republicans didn't. The Republicans offered two deals (a plan, and a backup plan) that contained revenue increases of hundreds of billions of dollars. The Republicans bent some on their no-tax pledge, but it wasn't enough for the Democrats. They wanted the big tax enchilada or nothing. As for the Super plan of the Democrats, they proposed the same "grand bargain" plan Republicans have been rejecting for the last year, and then they didn't budge an inch. The end.
Now we get to watch the two dysfunctional political parties blame each other and try to use the Super failure to gain a political edge for the coming elections. Oh joy.
The good news, if there can be such a thing as good news when our country is on the road to economic ruin, is that there are still spending cuts on the table. This is called sequestration. As part of the debt ceiling deal, automatic spending cuts of $1 trillion take place in the likely event of a Super flameout of the Superfriends Committee. These cuts consist of half in entitlement cuts, and half in defense cuts. Neither the Democrats nor the Republicans really want the sequestration cuts to occur, so it will be interesting watching them try to snake their way out of them. President Obama, who provided no leadership during the Super Committee discussions other than the normal and endless Democrat cries to "tax the rich", is now saying he will veto attempts to stop the sequestration cuts.
If you're counting, we now have the following debt reduction committee results to date under the current administration:
1) President announces Simpson/Bowles deficit reduction commission - The commission worked for a year to come up with it's deficit reduction measures, and then both Congress and the President completely ignored them.
2) Debt ceiling deal - Produced the Super Committee to come up with future cuts in spending increases in exchange for raising the debt ceiling
3) Super Committee fails to do it's job and agree to cuts
Great job, Congress. No wonder your approval rating is 12%. Btw, who are these 12% who actually think Congress is doing a good job ? Those folks must be scary stupid.
Meanwhile, the United States Of America goes $4 billion deeper into debt...every...single...day.
But when it comes time for Congress to spend money, well hell, money's no object, whether they have it or not (and they don't).
Who do these sons of b*tches think they are ?
Why do we let them keep stealing money from our children and grandchildren ???
What kind of people does that make us ???
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