Whatever Happened to the Super Committee?
11/02/2011 Leave a comment
This past summer a historical event occurred when Standard & Poor’s announced that it downgraded the U.S. credit rating for the first time. President Obama had purposed a $4 trillion dollar plan that was shot down by Congress, specifically by the freshman tea party members. As a result Sen. John Kerry coined the term, “tea party downgrade.” The month of August started of on a collapsing foot for America and a bipartisan effort was needed. President Obama created the United States Congress Joint Select Committee on Deficit Reduction where equal members of each party and each house of congress would have representation. Three months later I want to know what has been accomplished and how close are we to fixing the debt issue. A deal is to be made by Thanksgiving so with three weeks to go, lets look at the progress.
First let’s take a look at the members of the Super Committee. All members have or had served on respective varying committees. The idea was to have equal representation on each side with members who can come up with a minimum of a 1.5 trillion dollar debt reduction.
Appointed by House Speaker, Boehner, Jeb Hensarling R-TX, David Camp R-MI, Fred Upton R-MI
Appointed by Senate Minority Leader Mitch McConnell, Jon Kyl R-AZ, Pat Toomey R-PA, Rob Portman R-OH
Appointed by Senate Majority Leader Harry Reid, Patty Murray D-WA, Max Baucus D-MO, John Kerry D-MA
Appointed by House Minority Leader Nancy Pelosi, James Clyburn D-SC, Xavier Becerra D-CA, Chris Van Hollen D-MD
A few weeks ago the democratic members were the first to come up with a formal proposal. A 3 trillion dollar plan that has revenue increases and cuts to Medicare. The plan has fairly equal amounts of spending cuts and tax increases. The 3 trillion dollar plan over 10 years was the first step in the debate that was quickly described by republicans as “not serious.” A plan backed by republicans was announced as a 10 year 2.2 trillion dollar deal with heavy spending cuts and very little tax increases. A democratic aide was quoted as calling the plan a “joke.” After 3 months it seems there has been little if not any progress.
This week reports of a super sub committee have emerged where 3 democrats and 3 republicans have met in secret to work out a more bipartisan deal. It seems inevitable that there will have to be some scale of tax increases. Republicans have drawn a hard line here constantly pushing back. The pressure is on with so little time left. It’s frustrating to see the lack of urgency from both sides of the table. A deal has to be done and compromises have to occur. As presidential primary dates are starting to solidify, the president and many members of congress will have to take into account the results of this committee. The time is now and like the Rolling Stones sing, “you can’t always get what you want, but you get what you need.”
