Ah, the Super-Committee. Remember them? To back-track, the super-committee was formed in August to cut spending as part of the infamous debt ceiling deal. They were given till November 23rd to report back with a solution, or billions in automatic budget cuts will be triggered.
It’s now November 10th and we’re not any closer to finding a solution as we were in August. In less than two weeks, those automatic cuts will come into effect. No one likes those because they are automatic—they don’t give any thought to which cuts are the most prudent for the nation. They just randomly cut things.
Apparently, our Republican friends on the super-committee are open to up to $300B in new taxes, but at the same time would include a huge cut to the wealthiest Americans, and Democrats say that it would off-set any dent in the deficit the new taxes would create. Republicans say that their plan would create $1.2 trillion in savings over 10 years, which is the super-committee goal.
My point is that this isn’t really progress. The Democrats don’t believe that this plan will work, and won’t vote for it. It’s good that Republicans have finally opened up to tax increases as a logical move to reduce the deficit. However, they aren’t on the same page in terms of how much they should be and what the rest of the plan should look like.
Honestly, I think we should brace for those automatic cuts.