There are only 10 days left for the super committee that was tasked and formed this summer with the goal to cut the $1.2 Trillion that is currently hanging over our head.
Sen. Toomey (R-PA), is probably the most lively member of the committee. Focused on not giving up on alleviating the mass amount of debt. Recently he said, ”In the very unfortunate event that we don’t, I think it is very likely Congress will reconsider configuration of that sequestration and consider if this is the best way to do it. I think it will be a lively debate that will occur and the nature of those cuts. If the cuts have to occur they might occur in a different fashion.”
Since the six members from each group were put together to come up with a solution, they have been bickering among themselves. Both bringing plans to the table, and both sides rejecting the others plan to cut the debt.
With most members stating that they will not give up on finding a way to solve the problem, it seems like they could strike a deal before the November 23rd deadline. But it could just be that, statements. Easing the minds of some but not all.
The Republicans are reportedly coming to the table with $700 Billion in spending cuts and $500 Billion in revenue increases. The revenues would come from $250 billion in fewer deductions for top income tax filers. In exchange, the highest tax rate -now at 35 percent, but expected to reach 39 percent in the span of two years – would be brought down to 28 percent.
And the Democrats offered a one-to-one ratio of spending cuts to revenue increases. But no matter how close the plans may be, the two sides cannot stop yelling at each other.
I was against the idea of this super committee, but had hoped after it’s creation that they could at least cut a little bit of the debt. It now appears that with the deadline this close that a deal will not be reached and it will go back to Congress and the Senate.
With Pres. Obama out of the country focusing on foreign affairs rather than what is going on at home, and with his promise that he will veto any measure that comes to his desk that attempts to change their sequestration. Somehow I sense more tension ahead between the branches of Government.
Just another reason why we cannot wait for the 2012 Election.