Monday, November 21, 2011

Super Committee Throws in The Towel

They have not blown the deadline yet, but have announced that they are going to.

"Here’s where we’re all supposed to raise a glass to government paralysis. Granted, that’s preferable to a trillion dollars in new taxes, but (a) thanks to the scheduled lapsing of the Bush tax cuts, paralysis in this case means we’re still on the hook for that trillion (and more!) and (b) we desperately, desperately, desperately need Congress to act on entitlement reform. Paralysis means the status quo and the status quo simply isn’t sustainable. So, hurray?

The statement from Hensarling and Murray:

“After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline.

“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. We remain hopeful that Congress can build on this committee’s work and can find a way to tackle this issue in a way that works for the American people and our economy.

“We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us. Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task.”

The silver lining here, supposedly, is that the GOP’s going to take back the Senate and the White House next year and then write its own deal on deficit reduction.

Obama's comments;

Video embedded below.

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