You will be stunned to know that Democrats and Republicans are having trouble reaching consensus with less than three weeks to go until the Super Committee needs to make recommendations on deficit reduction.
Washington’s latest exercise in debt reduction appeared to be at an impasse Thursday, as members of a special congressional committee barreled toward a Thanksgiving deadline with no movement on the fundamental question of whether to raise taxes.
Talks continued between congressional leaders and members of the supercommittee, but the panel had no further meetings scheduled and no path to compromise on a plan to slice at least $1.2 trillion from projected borrowing over the next decade.
Aides in both parties said the prospects for a bigger deal were fading rapidly, and that the panel committee could be left struggling just to meet its minimum target.
“In a word, it’s stolid. Not stalled, but stolid,” said supercommittee member Max Baucus (D-MT), chairman of the Senate Finance Committee, suggesting that talks had slowed to a crawl.
The fact that John Boehner cracked the door open on revenues suggests that the plan is truly dead, actually. If there actually was a serious grand bargain in the works, you can bet Boehner wouldn’t be saying a word about it. And anyway, if you read the full comments, he wants revenues to come from a sweeping tax reform that lowers rates, and we know that’s not going to come out of a 12-member committee in three weeks. The Republican offer in the committee had practically no revenue increases and $2.2 trillion in spending cuts.
Just to show you how unserious Congress is about deficit reduction (which shouldn’t really bother anyone, but should highlight the hypocrisy), there is more cooperation over ditching the deficit trigger than coming to a deal that avoids it.
A growing number of lawmakers are already talking about reversing the automatic spending cuts to defense and domestic programs that would go into effect if the supercommittee doesn’t find at least $1.2 trillion in deficit cuts by Nov. 23.
Sens. John McCain (R-Ariz.) and Lindsey Graham (R-S.C.) confirmed Thursday that they’re working on “alternative” legislation that would scale back the size of cuts that can be made to the Pentagon. On the other side of the political spectrum, liberals are talking about rolling back automatic cuts to domestic programs.
Officially, the leadership of both parties are saying they will abide by the trigger. But they will have to spend a year fending off their rank and file, and that’s just not credible. You can see the outlines of a deal here. One side agrees to give up on the defense side of the trigger, and the other side gives up on the social spending cuts. And poof, the trigger is gone.
And everyone will congratulate one another on their seriousness.




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thank god for grover norquist and the insane clown posses gop
they are all that stand between obama and the “grand bargain” that will elevate obama to the neoliberal pantheon
This is the best news I’ve heard all day.
We all knew that the whole deficit nonsense was and is a pretext to cut social programs and then cut taxes even more than they’ve already been cut. But this confirms it.
I’ll tell you why this is happening: Occupy Wall Street, that’s why.
They interrupted the All-Deficit-Bullshit-All-The-Time programming spewed by Pete Peterson’s acolytes and made folks start talking about income inequality for part of the time instead.
As eCAHN would say…we have a winnah!
“Who could have anticipated” #932.
Medicare and Social Security still the 3rd. rail. He who messes with it are finished and they know it. Glad I have plenty of popcorn.
Thank you for the comment and insight.
OWS has changed dynamics on what was to be an easy attempt at deficit reduction at the expense of the elderly, infirm, and those folks without any monies to buy their own lobbyists.
I would sure like to see how much the Super Committee members raked in with campaign donations from special interest groups after the session ends and there is an accounting.
For one thing it’s getting far to close to election time for anyone to be help accountable for advocating extreme cuts to SS, Medicare or defense spending. Lest they be challenged on this by their opponent.
And for another thing it’s getting far to close to election time for anyone to be help accountable for advocating extreme cuts to SS, Medicare or defense spending. Lest they be challenged on this by their opponent.
Cleanup on aisle 4 please.
given Patty Murray is “my” senator, and in this last decade she’s proven herself stunningly incompetent at moving the messaging beyond RayGun-esque lies
[ in her ... defense ... the above is true of the rest of Wishy-Warshy's Democratic "Leadership" - a bunch of Village conventional wisdom spewing diaper soiling cowards - on a good day ]
given the bush rich pig welfare she & obummer & the rest of them pulled in the lame duck a year ago, given the bernanke and AIG ass kissing, given the sell outs to AHIP after months of fucking lying to us and jerking around …
I’ll KNOW this congress can do no more evil only when their replacements are sworn in.
rmm
(of course, how evil will be the replacements …??)
There is some TX group/guy whose goal is to replace the whole House….We’ll see; just heard about it.
as long as the replacements are NOT DLC – Third Way – New Dem yuppie scum sell outs, OR, Kennedy School Of Go Along Get Along Whimps, OR, tea party fascist lackeys …
sign me up ???? ;)
rmm
I’ll alert management.
Thanks.
Sick of all the Super Committee talk.
For the last few decades, we have corporations that are rewarding executives big time for doing things that are harmful to the common good (layoffs, price gouging, predatory practices, etc).
Tax out of existence the corporations that way overpay executives, i.e that reward them for screwing over the country.
OWS stuck a stick in the committee’s spokes. Any deal would have involved cutting Medicare, Medicaid and SS, at the price of fictitious tax increases for the rich. It’s too transparent. The income distribution theme has ‘crowded out’(pun intended) the deficit theme. People are starting to ask the right question. If the deficit is so important (which it isn’t), why should we have to pay to fix it and not the rich?
It would seem obvious that expecting the American political “leadership” to produce some sort of viable plan that would tend to better the economic or fiscal position of the national government is a foolish hope.
I don’t understand why Dayen and others continue to write on the topic as if there would be some sort of expectation like that.
There is a suggestion that the founder has a TeaParty bent, but did not sound like a big element of his goal from what I could tell. I was looking for that one, also.
Dayen and others continue to write on these topics, emphasizing that our political leaders should be producing some sort of viable plan, because raising awareness in this way creates the conditions for things like OWS.
That’s why.
?
I was referring to Congress’ inability to agree on anything.
Last time I share a secret garlic tip with YOU. Harumph.
The replacements will be corporate plutocrats the same as Cantwell and Murray. The Senate is the edifice in government set up to represent directly the richest members of society.
I’m actually a bit surprised there’s no deal – I thought for sure they’d come up with some sort of garbage deal that cut the required amount through a combination of inflated revenue projections, cutting money that wasn’t going to be spent anyway, and marginally screwing Social Security and Medicaid recipients. Oh, and by shifting more costs to the states so they can raise taxes on poor and middle class people.
Call me a hopeless optimist :)
Well said !
:-)
I’m trying to not hate Obama – but it is hard.
Yes, but a lot of these people were picked BECASUE they are leaving and don’t have to pretend to answer to the voters….like John Kerry and, I think Baucus too.
Maybe they’re afraid of pitchfork bearing mobs…who knows?
Oh that makes me feel ever so much better!
It’s not done yet. Just like the “healthcare reform” was nearly dead until Baucus’ Gang of Six got Wellpoint to write the thing for them, maybe the lobbyists are still working like little beavers to screw us some more.
The ONLY reason I can see for a stall is that it may hurt Obama’s election chances and he’ll put the whoop AFTER the election.
The Dems have gotten into office ONLY on the deal that they kill the New Deal. Now wonder everybody’s confused.