Super Committee Says It's Unable to Agree on Debt Reduction Deal

From Fox - After months of bipartisan debt-reduction talks, the Super Committee said Monday that it will be unable to agree on terms to save $1.2 trillion over 10 years by tonight's midnight deadline. Senator John Kerry, left, said, "Despite our inability to bridge the committee's significant differences, we end this process united in our belief that the nation's fiscal crisis must be addressed and that we cannot leave it for the next generation to solve." Shortly after the committee's announcement, President Obama said at a press conference that Republicans would not budge in their defense of the tax cuts for wealthy Americans. He said Republicans are main stumbling block to reaching agreement on deficit. The panel had until midnight to come up with a plan for reducing the federal debt by $1.2 trillion over 10 years or face automatic cuts, called "sequestration." Failure to do so would violate the law that demanded that the Congressional Budget Office come up with a fiscal evaluation of the plan and give Congress two days to review it before the Nov. 23 deadline. The task was supposed to be wrapped up by Dec. 23 with an unamended vote on the package. Read more


Anonymous said...

It's very obvious that this entire exercise was deliberately torpedoed by the president. Behind the scenes he has been manipulating the process in an effort to position his re-election campaign. He wanted the negotiations to fail. His strategy, you ask? "'s US 99% Vs the 1% bad people..." He wants the financial markets to wobble. The deeper the economy drifts into the abyss the more stark the choice becomes for the American voter. Americans can vote to elect the obstructionist party of the rich or re-elect the Messiah who promised change. Regardless of the outcome of the 2012 election, Obama is determined NOT TO DO anything, within his power, to compromise or lessen our economic woes. For the good of the country, past presidents have found ways to work with the opposition party. Reagan did it. Clinton and Bush II also found ways to reach compromise. Instead, this president has chosen to punish the "lazy" American people for doubting his agenda. His arrogance reminds me of a beaten and angry Texas Hold'em poker player who has bluffed and blundered his way to virtual elimination. Instead of questioning his philosophy and failed approach, in a fit of anger, he goes "all-in" once again in hopes that fate will overcome his absence of intellect.

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