Real Super, Committee
The Deficit Supercommittee has returned from their monthslong negotiations with…nothing. No deal. Only fingerpointing and blame.
Keep in mind that the Supercommittee needed to find a net savings of three percent in the budget in order to achieve its goal. We’re not talking about huge changes here. Just three percent. And they failed, not because finding that amount to cut is hard, but because finding common ground in a hyperpartisan Congress is impossible.
So what now?
Absent new legislation passed by a majority in both houses, and signed by President Obama (or passed over Obama’s veto), the following will happen:
- The Bush tax cuts will expire, and income tax rates will return to the Clinton levels.
- The defense and domestic program budgets will be cut by equal amounts.
Republicans want to avoid the first two, and Democrats want to avoid the third. As it stands today, it’s pretty clear that the House won’t pass any legislation that excludes an extension (most likely a permanent one) on the Bush tax cuts.
Obama says he will veto any attempts to get around the automatic cuts. And it’s likely that the Senate wouldn’t allow them to make it to his desk anyway.
This makes for a difficult new year, but makes partisan bickering the order of the day for 2012. Republicans will blame Democrats for inflexibility, and Democrats will say the same of Republicans.
Meanwhile, Obama will hold this up as an example of a “do-nothing Congress”, echoing President Truman’s reëlection campaign.
How do you think this will play out? Will Republicans find a way to get the tax cut extension through? Will Democrats find a way to get domestic programs funded despite funding reductions? Will this become Obama’s path to reëlection, following in Truman’s footsteps? What will happen to the members of Congress a year from now?
- Democrats Killed The Deal; They Are The “Obstacle”, Not The Bush Tax Cuts (neosecularist.com)
- The Supercommittee Failed. Hooray! (slate.com)
- Prisoners of Bush (slate.com)
- Kerry: Republicans Won’t Give Up Bush Tax Cuts; Supercommittee Will Fail (crooksandliars.com)
- Political Wisdom: Why the Supercommittee’s Failure Matters (blogs.wsj.com)
- Winners and Losers of the Deficit Supercommittee Deadlock (swampland.time.com)
- After the supercommittee, Congress needs rehab | Ana Marie Cox (guardian.co.uk)
- SHOCKER: Republican Candidates Blame Obama For The Super Committee Failure (businessinsider.com)
- Deficit supercommittee members expected to announce failure (thehill.com)
- Abbreviated Pundit Round-up: Super failure amidst income inequality (dailykos.com)
- The Supercommittee’s Collapse: An Exciting New Breakthrough in Failology [Failed State] (gawker.com)
- Super Committee Deal Not Reached: Obama Addresses Failure (VIDEO) (huffingtonpost.com)
- Supercommittee Fails (politicalwire.com)
- Supercommittee Fails To Reach Deficit-Cutting Deal (businesslawdaily.net)
- Will the supercommittee hit Congress hard? (politico.com)
- With No ‘Superdeal,’ What’s Next In Deficit Debate? (npr.org)
- Deficit Super Committee to Concede to Failure (usnews.com)