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- iHaveNet.com: Economy
by David Francis
What their inaction could mean for America
The 10-member committee of congressional Republicans and Democrats has worked in relative secrecy since they began meeting in September. They have had very few public meetings. When meetings were held, signs of progress were not encouraging.
Lawmakers seem to be aware of the growing discontent with Washington. On Wednesday, 40 House Republicans and 60 House Democrats sent the debt committee a letter urging the panel to consider all options. The Republican signatories said the panel should consider raising taxes in an effort to create new revenue, a move opposed by many in their own party. Democrats who signed the letter have offered cuts to social benefit programs, breaking from an earlier party line.
"To succeed, all options for mandatory and discretionary spending and revenues must be on the table," the lawmakers wrote.
Rep. Jeb Hensarling, a Republican from Texas and a co-chair of the committee, is starting to sense the unease with the committee's progress. Last week, he said that he's still encouraged by the committee's progress.
"I remain encouraged that the members of the Joint Select Committee know how serious the situation is," he said. "I believe they are all committed to achieving the goal, and until the stroke of midnight on November 22 we still have plenty of time to do the committee's work."
Many people don't share his enthusiasm for the committee's prospects. All around Washington there is chatter about what would happen if the committee -- which was formed because Republicans and Democrats failed to compromise on the debt ceiling increase -- fails to compromise.
Automatic cuts triggered.
If the committee fails to act, $1.2 trillion in automatic cuts will kick in December 23. These cuts were part of the original plan to form the committee as a last-gasp solution if Republicans and Democrats came to an impasse.
With signs that an impasse is possible, the harsh reality of these cuts is setting in. Defense spending would be cut by $1 trillion over the next decade, causing reductions in the size of the U.S. fighting force. Cuts would also reduce programs to modernize the military and eliminate
Secretary of Defense Leon Panetta has warned of the dangers posed by these cuts for months. This week, other high-ranking generals offered similar stark assessments of the impact of cuts on the military.
"Cuts of this magnitude would be catastrophic to the military,"
Other cuts include decreases in
Without action, failure.
The debt super committee was created this summer just as
So far, this hasn't happened.
It's unclear if the lawmakers have made any progress. Details on their work -- where reductions could be made, agencies or programs that would be affected, a blueprint for long-term deficit reduction -- have been non-existent.
At the same time, frustration with the inaction of the committee and Congress in general is growing. According to a
This dissent has spilled into the streets. Activists continue to occupy cities throughout the United States.
A whiff of compromise is in the air, but whether this spirit of compromise will compel the debt committee is a different matter. It is tasked with compromise at a time when American politicians are polarized and concession is viewed as defeat. And no one is ready to admit a political loss, even if this loss ultimately hurts the American people.
Available at Amazon.com:
Consequences of a Debt Committee Stuck in Neutral
Jimmy Carter: The American Presidents Series: The 39th President, 1977-81
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Consequences of a Debt Committee Stuck in Neutral