So, the Super Committee has thrown in the towel. They couldn't get the job done. The Republicans wouldn't give on increasing revenue and the Democrats wouldn't give enough to suit them on cutting entitlements.
According to the legislation establishing the Super Committee, that will result in automatic cuts totaling $1.2 trillion, half of which would come from defense and half from domestic programs, but leaving Social Security and Medicare out of it. It also means that the Bush tax cuts will expire, but that means all of them, not just for the wealthy. That was the agreement, that was the pressure that was supposed to make this work.
It didn't. And now Senator Jon Kyl (R-AZ) is wanting to change the rules. He says Congress will have to find a way to limit the cuts in the defense budget. He was one of the 12 chosen to be on this Super Committee.
No wonder it didn't work. They already knew they would just propose to change the rules. Both President Obama and Senator John Kerry (D-MA), another committee member, have strongly opposed that happening.
So nothing actually happened, and now we're back to square 1, with the triggered changes not going into effect until 2013 anyway.
Much can happen in this coming year. An election year.
Ralph
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