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200 to 1. That was the final offer to Democrats from Republican members of the Super Committee. $200 in spending cuts for every $1 in new revenues. Take it or leave it.
As of this morning....everyone is leaving it.
The task of the 12 member Super Committee was to make the "tough" decisions that the other members of Congress refused to make for fear of political backlash. The Super-Dupes were formed after August's GOP hostage taking incident over raising the debt ceiling. The extra-constitutional panel was supposed to come up with $1.5 trillion in debt reduction which Congress would then vote for, either up or down...no filibusters. If passed the deficit reduction would go into effect January, 2013.
If the Super Committee failed to come up with an agreement....which now is the case....a "trigger" was to be pulled which automatically began cutting defense and discretionary spending. Despite failure...I can almost guarantee readers that that trigger will not be pulled. Some Senate members have already said that they wouldn't have to abide by the trigger mechanism and suggested they could change any cuts to defense spending through a new congressional vote.
Here's Johnny Mac November 9th...
McCain said he would introduce and support a law to undo the Budget Control Act of 2011, which codified the deal to raise the debt ceiling.
"We'll do everything we can to prevent [the trigger] being implemented," McCain said. "You can't bind future Congresses."
So, there you have it. No deal. No action on the deficit. And that is just fine with me because we should not be cutting government spending anyway, if predictions of economic growth in the U.S for the next five years are anywhere near accurate.
"Investors" are prepared to sell off today in light of the failure of the deficit committee which, most likely, will result in the beginning of a new mini-economic downturn going into 2012....just as the Republicans would have it.
The Republican party has only one goal leading up to next November. Make Obama fail as miserably as possible in dealing with the domestic economy. I suppose that's one way to seek regaining the presidency, even if endless thousands more Americans lose their jobs and homes in the doing. Politics ain't beanbag....and if millions of American voters need to take it on the chin to rid ourselves of the Muslim, Kenyan anti-Christ with the funny name....it's just time to buck up.
But let's review shall we? Last December, Republicans refused to consider raising income tax rates on millionaires and billionaires and brought the country to the brink of total chaos...insisting that unemployment checks to laid off workers, payroll tax cut extensions and the Bush income tax rates for all working Americans would be held hostage until the communists in the Democratic Party dropped any notions of increasing income tax rates on
Naturally, the bipartisan Obama caved and Republicans got what they wanted. No new taxes to help deal with the debt and deficit. The GOP mantra a year ago...the same heard today...is that we don't have a revenue problem, we have a spending problem. This despite reputable economists from both sides of the aisle claiming the need for both revenue increases as well as spending cuts to actually attack our long term debt problem.
The obstruction continued. In August, GOP intransigence over raising the nation's debt limit.......led directly to the formation of the Super Committee gimmick...which now has failed.
Now what? There is no..now what. Next is the presidential election.....and then the GOP obstruction will begin all over again to kick off Obama's second term. Been there, done that. Expect an Obama impeachment proceeding between 2013-1017....without merit, of course....just like in the 90's. Impeachment is simply another GOP tool in the obstructionist toolbox.
One final comment on the 200 to 1 GOP offering in the Super Committee. The Simpson-Bowles and the Rivlin-Domenici committees came in at 2 to 1, and 3 to 1 ratios, spending cuts to new tax revenues, respectively.
Several Democrats on the Super Committee offered up a more Republican-friendly ratio of 6 dollars in cuts to every 1 dollar in new revenues. But that wasn't good enough for obstructionist Republicans who are only focused on making Obama a one term president.
And that explains why the final offering from the Republicans on the Super Committee included a 200 to 1 ratio, spending cuts to new revenues. Not 2-1, a compromise favoring GOP ideology. Not 6-1, a compromise favoring GOP ideology with prejudice.....but instead, Republicans want 200 dollars in spending cuts for every 1 dollar of new revenue.
In other words, Republicans do not want a deal....that's how very serious they regard the nation's debt and deficit situation.