Archive for November 21, 2011

Mission Accomplished! Supercommittee fails as advertised.

It look like the Supercommittee cannot agree on anything.  From Reuters

“(Reuters) – After more than two months of talks, the congressional deficit-reduction committee looked set to concede failure, unable to bridge deep partisan differences over taxes and spending going into the 2012 elections.

Republican and Democratic lawmakers cast doubt on any possibility of agreement in appearances on Sunday talk shows. Without some unexpected breakthrough, aides said, the 12-member bipartisan “super committee” will admit defeat on Monday.

Some of the panel members appeared to be stepping up blame as the clock ticked toward an imminent deadline. They must vote on any deal by Wednesday but Monday is the deadline to have legislation written and presented to the entire committee.

“Nobody wants to give up hope. Reality is, to some extent, starting to overtake hope,” Representative Jeb Hensarling, the panel’s Republican co-chairman, said on “Fox News Sunday.”

President Barack Obama, a Democrat seeking re-election in November 2012, has avoided direct involvement in the talks after making his recommendations in September”

I knew this Supercommittee was doomed to failure.  Doomed to failure because there is a such ideological difference between the parties.

Both parties served the corporations, but one party like to use taxes more to raise revenue.  One party is more committed to nominally protecting the social welfare of the country.

One party is so scared of Grover Norquist that it freezes at any chance of compromise.   I cannot believe Republicans are so scared of Grover Norquist.  Its like Grover Norquist is going to blast you with lighting bolts for raising taxes.

I guess Grover Norquist got what he want is that no tax increase.  However, the Republicans are going to have to face an emergency next year because the Bush tax cuts go away and bingo, the government gets a surge of revenue in.

In fact, Congress does not have to do anything.  All they do is let the $1.2 trillion dollar in automatic  cuts became  effective and let the Bush tax cuts on everybody expire, and this deficit issue is resolved in a far better way than if the Supercommittee took action.

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November 21, 2011 at 2:26 am Leave a comment


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