Right now in Congress there is a so-called “super committee” working to create a debt reduction plan. The committee is composed of twelve member’s six Democrats and six Republicans, almost all men. They have until November 23rd to submit a proposal to reduce the deficit by $1.5 trillion. If the committee fails, as much as $1.2 trillion in across-the-board cuts would initiate and be evenly divided between defense and non-defense spending.
First of all I have to comment on the committee name. The “super committee”, are we in the fourth grade? I’m guessing Congress is hoping they will live up to the name. I digress. Surprise, surprise the committee is at a deadlock. The Democratic Party submitted a proposal and it was not well received by the GOP. It was a $3 trillion plan designed to cut the federal deficit within a 10 year span. The plan was presented to the committee by Senator Max Baucus, (D- Montana) the Finance Committee chairman. A majority of the six democrats supported the proposal. The plan would cut entitlement programs such as Medicaid and Medicare and would require $1.2 and $1.3 trillion in new tax income. The proposal by the Democrats was at least non partisan and their part of the compromise was cutting entitlement program funds. The Republicans have made their opposition to new taxes very clear. The GOP responded with a proposal that took enormous cuts out of the entitlement programs, and would generate new revenue through government sales and fees. No new revenue would be generated through taxes. Needless to say negotiations are not going well. The Democratic Party is willing to compromise on entitlement programs but the Republicans are not willing to compromise on revenues.
The committee has been having private meetings for two months. Without a steady flow of information it has left this observe wondering if the committee will succeed. To make matters worse the two parties’ are bickering. One GOP aide accused Democrats of leaking details of their offer to the press. The Democrats have denied the accusation. It seems to me that the differences between these two parties are getting the best of them. The deadline is approaching fast and there is no evidence of progress. I for one am skeptical that any proposal will be agreed upon on time. Looks like Congress won’t have any deficit reduction plan to consider.