Super-Committee Update

Posted on November 21, 2011

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Super-Committee Update
Nov 20

Bloomberg recently reported that there has been a drastic 19 percent shift in the New Hampshire polls; the latest polling reports that Romney now has a 10 percent lead over president Obama. Although this seems trivial in a state controlling only four electoral votes, it shows that voters are beginning to blame the Obama administration for the pessimism shown by the super committee members, doubting they will meet the Nov 21st deadline. Unsurprisingly the bi-partisan committee is facing the entitlement-tax dilemma that has epitomized the recent inability of congress to pass a budget in a timely manner.
The six democrats on the panel are suggesting a three trillion dollar plan that would generate 1.3 billion in tax revenues on the wealthy that make over a million dollars a year while conceding to further cuts in government agencies. The six republicans have put forth a 1.5 trillion dollar plan imposing 250 billion dollars in tax revenues while cutting the rest from government expenditures. Obviously the super-committee needs to dig a little deeper to come to a compromise such as the Republicans offer to discontinue the law that permits corporations to be exempt from taxes on jet purchases.
Today many of the members of the super-committee seem to have lost hope in their ability to pass a bipartisan plan to cut 1.2 trillion dollars. Part of Obama’s meaningless poll loss in New Hampshire stems from the fear of sequestration in lieu of a plan from the super-committee. The sequestration is made up of an automatic 1.2 trillion dollars in spending cuts that would cut domestic programs by 7.8 percent, Medicare spending by 2 percent, and 10 percent in defense programs according to the congressional budget office. Defense Secretary Leon Panetta told the Associated Press that the required $454 billion cuts to defense spending would be “devastating” and leave a “hollow force.”
Al Hunt reported to Bloomsburg in a press conference that the super-committee can continue to delay the Nov 21st deadline just like continued resolutions passed by congress, and the suspension of time in state legislators. This site recommends casting our panic aside since the super-committee has more time; additionally sequestration wouldn’t take place until 2013.
Like the jet tax cuts that will save 3 billion dollars some employees from the Department of Commerce were commended by president Obama for saving the IT department two million dollars for discontinuing the use of phones that no one used in a three month timeframe. These cuts in obvious wastes like paying a phone bill for a phone that isn’t being used are completely bi-partisan, but difficult to find from the top. The Delinquency report suggests big rewards for employees and departments that make these cuts before we impose cuts that make it even harder to be unemployed, disabled, or in the military.

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Posted in: American News