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Subscribe to RSSWhile the countdown clock continues to tick toward its November 23rd deadline, the super committee, that bipartisan group of 12 lawmakers tasked with shaving at least 1.2 trillion dollars in deficit cuts is no closer to an agreement. NBC's Luke Russert reports.
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Like Boehner the Moaner needs another reason to drive him to drink!
Feisty--I don't think he even needs a reason! The whole committee was set up to fail! TPGOP selected members based on those who have no wish to compromise. Rumor has it that if the deadline passes, it will be extended. On the other hand, I wonder if they will take it to the edge and hammer out something at the last minute.
"We have met the enemy and he is us!" Pogo by Walt Kelly
Feisty -
Actually, I think Boehner's driver takes him to the country club, hands him a driver, watches Mr. Speaker tee off, takes him to the clubhouse and hands him a Long Island Iced Tea, and after a few of those takes the driver back to the car where he then waits to drive the drunk home.
Make sense?
About as much asense as this committee intentionally being exploited by the Tea Party crowd - to set up yet another manufactured fiscal "crisis" in which they hope to stampede Congress into voting for their destructive, extremist policies!
Feisty, John A.
Another "crisis" for the country, coming to us by the Thanksgiving Day holiday.
The tea party in Congress will wrap this one in "flag, apple pie " and give the "bird" to the American people.
So all you libbies are cool with the fat bonuses going to Freddie and Fannie?
They only need another $126 billion to stay afloat, why not reward those guys?
You bet. We have to give those out to retain the best and the brightest and to prevent them from going to a competitor. It would be even better if we would not tax the bonuses at all, so they can create some jobs.
I guess I am really naive---I thought the Super Committee was going to function like the old military base-closing commissions used to function---a way to give cowardly members of Congress cover in making tough decisions and especially cover from that "random" Mr. Norquist. I thought they would reach a compromise and both sides would give a little bit for the good of the country. Maybe I am on the same stuff Rick Perry was on in NH last week.
It's a couple months down the road from the last time we kicked the can. Seems like the same old issues will be holding this up. Do we increase tax rates or not in conjunction with cuts? Putting this off to committee hasn't done anything toward resolving that question.
And the true irony here is that even if politics didn't manage to get in the way, there's no way out of this debt using conventional methods. It's not a political problem or an economic problem. It's a math problem. And the numbers don't work.
That's why I'm predicting and have been prepping myself for a while for the likelihood of accelerated inflation. That's the least painful approach I see. Certainly more painful than scrapping the currency and establishing the New Dollar. With double digit inflation for a couple decades, we can work the debt load down to something that is manageable again. Of course that means accelerated devaluation of the currency, and everything saved in those dollars. But that's probably the only way out.
No one is paying any attention to the "supercommittee". It was doomed to failure from the start. The GOP has taken ANY revenue increases off the table. Get ready for automatic spending cuts.
The two GOP front runners have both proposed huge tax cuts on the wealthy and corporations. How does this fix the defict? Voodoo, of course.
either late last week or early this week, the super committee asked the CBO when the drop dead date was for the commitee to give the BDO numbers to crunch, regarding projections. As I recall it was to be before Nov 11..
I wonder what excuses we will hear from either side. As I understand it the automatic triggers take effect in 2013 which essentially gives congress an additional 13 months to come to a solution. Naturally the rating agencies may not agree with this. Poor obama, between having the first downgrade occuring on his watch, he may see a second downgrade + those green shoot bankruptcies, gunrunner policy and an economic policy that at best will only hobble forward won't look good on his resume for re-election.
Of course his only strong suit is his assassination policy, but is this really a policy that the American populace wishes to supprt?
"Of course that means accelerated devaluation of the currency"
The inevitable result of globalism. Global Economy = Global Standard of Living, and our standard of living is not competitive in a global economy. There's no way around it. Either you believe in "The Markets" or you don't. Labor is a "market" like anything else. We can't compete until the dollar is worth less. Will our standard of living decline? Of course. Prices at Walmart will triple, but I will be more competitive with Indian programmers. I will be able to afford less of the things that China makes, but it beats unemployment.
The teabirthers want to "take our country back". Their economic policies will do exactly that, take us back to the 50's.
We have to lower our expectations. Our grandparents were happy to have a 2 bedroom, 1 bathroom house, and 1 car, and 1 television, and you will be too.