In order to vote on any proposal of the Super Committee by Wed. Nov. 23rd. the proposal needs to come before the committee members by tonight at midnight. Apparently, the Sunday shows were full of committee members and other members of Congress discussing it’s failure but more importantly pointing fingers at the other side for the inability to reach a compromise. Do they think the American people ever believed they would reach some decision regarding the future budget of the country? Congressional approval hovers at 9%, that should tell you all you need to know.
Here’s a little from the WaPo regarding Super Committee failure:
“If the supercommittee fails, I think there will be a stark realization by every member of the U.S. Senate that we’re at the end of the year and these complex challenges have not been dealt with,” Sessions said. “It’s likely to be a really difficult period.”
The policy battle comes as the parties are gearing up for a high-stakes election season dominated by economic concerns, with both the White House and Congress in play. The political pressure that has helped keep the 12-member supercommittee from compromising on hot-button issues such as taxes is sure to grow more intense.
If the supercommittee does not finish on time, it would lose special procedural powers to push a tax-and-spending plan through a bitterly divided House and Senate, leaving congressional leaders without an easy path to compromise on the expiring provisions — and a potentially nasty holiday-season fight on their hands.
“We don’t have the answers,” Sen. Richard J. Durbin (Ill.), the No. 2 Democrat in the Senate, conceded recently as it became evident that the panel’s effort had stalled. “The supercommittee was put in place” to develop “a strategy to take us through the election” by resolving the toughest outstanding budget problems, he said. “If they don’t succeed, then we have to address these issues.”
David Dayen suggests burial for the super committee.
This does raise a set of key issues going forward as we reach the end of the year, however. The Super Committee is a dead letter. They are exceedingly likely not to recommend anything at all. Jon Kyl talked about the committee in the past tense on the morning shows today. It’s all over except for the finger-pointing, which will be as meaningless as it is intense.
But there are all these loose ends out there, and all of them would actually increase the deficit, just to show you what a joke fiscal responsibility has always been. First, there are the aforementioned payroll tax cut and unemployment benefits extension. Those expire at the end of the year. So do two other notable measures: the patch that avoids a cut to Medicare reimbursement for providers by over 20%, colloquially known as the “doc fix,” and the adjustment to the alternative minimum tax that helps the upper middle class avoid the additional levy. Then there are a host of other expiring tax breaks, many for businesses, that usually get lumped in and called “tax extenders.” The thumbnail cost for extending every single one of the above-mentioned items is $300 billion. By the same token, that’s the amount you would take out of the economy if you failed to extend any of these measures. And that would, as noted above, be a significant fiscal drag on the economy.