Volume XVI No. 32: August 12, 2011
Others have already pointed out the obvious: the newly appointed ‘Super Committee’ is nowhere close to the first committee or commission established with the aim of resolving our worsening fiscal problems. But there are a few differences this time around that may be enough for the newly created Super Committee to succeed in deficit reduction where so many others have failed.
As part of the recent debt deal, the Joint Select Committee on Deficit Reduction must present their recommendations for $1.2 to $1.5 trillion in additional deficit reduction over the next ten years by November 23. If just seven of the members endorse a proposal, both chambers must vote on it by December 23, no amendments, no filibuster. If the committee or Congress fail to agree on a plan by Jan. 15, 2012, automatic, across-the-board spending cuts will go forward.
This post was imported from a legacy archive. Please excuse any formatting inconsistencies.