By Albert N. Milliron
Already blame is being cast on one another in the Super Committee. A group of 6 Republicans and 6 Democrats from the House and Senate charged with cutting a mere 1.5 Trillion from the debt. With the National Debt at 15 Trillion, 150 Billion a year is a drop in the bucket. One can only infer that the committee was set up to fail and “Kick the can down the road” as is the saying inside the Beltway. Why set up to fail? It’s election season and the President is running on two things: The Congress is a Do nothing body and that our financial woes are because of ‘fatcats’ on Wall street. One can almost repeat his manta in by memory: Tax breaks for the millionaires and billionaires, corporate jet owners, hedge fund managers and Big oil subsidies.
Obama must have attention cast away from his administration as his economic policy is dismal. The Democrats are already using PR Firms and Left leaning organizations to cast blame squarely on the GOP, when Republicans once again put revenues on the table. The democrats rejected the proposal because it would dispel the myth that the GOP is the party of No. And just for the record, this committee who “would not rest” until an agreement was struck, has not met face to fave since November 2nd, 18 days ago.
From the Washington Post (bold emphasis ours)
We haven’t had the robust democratic debate about the role of government that lies at the heart of America’s budget stalemate. The truth is that most Democrats and Republicans want to avoid such a debate because it would force them into positions that, regardless of ideology, would be highly unpopular. This does not mean that the congressional supercommittee, charged with making modest cuts in deficits, need fail. There is a basis for honorable compromise. Squandering it — as seems increasingly likely— would confirm politicians’ preference for fighting over governing.
Contrary to much press coverage, the committee’s Republicans opened the door to compromise by abandoning — as they should have — opposition to tax increases. Sen. Patrick Toomey of Pennsylvania proposed a tax “reform” that would raise income taxes by $250 billion over a decade.First, he would impose across-the-board reductions of most itemized deductions and use the resulting revenue gains to cut all tax rates. Next, he would adjust the rates for the top two brackets so that they’d be high enough to produce the $250 billion. All the tax increase would fall on people in the top brackets.Senate Democratic Whip Dick Durbin called Toomey’s proposal a “breakthrough.”With good reason: It came from a “no new taxes, over my dead body” Republican who had signed Grover Norquist’s pledge against any tax increases. But the details of Toomey’s plan are murky, and many Democrats claim that it would cut taxes for the rich. Democrats also didn’t respond with an equal concession: a willingness to deal with Social Security and Medicare. Read more at Why there’s a debt stalemate – The Washington Post.
Mitt Romney today blamed President Barack Obama for the anticipated failure of the supercommittee, accusing Obama of having done “nothing” to help the group come to a consensus on the budget.
“Now we’ve heard today on the morning TV shows, I am not sure if you all got up and listened to the morning TV shows, but they are predicting that the supercommittee that was designed to find a way to cut spending and balance our budget, to find over a trillion dollars over the next 10 years, that that committee is headed for failure,” Romney said.
“It is another example of failed leadership,” he said on the steps of the Nashua City Hall. via Romney Blames Obama for Expected Failure of Super Committee – ABC News.