No Deal! Supercommittee fails to reach bipartisan agreement
November 21, 2011
After nearly three months of hearings and negotiations, the supercommittee has failed to reach a $1.2 trillion deficit reduction deal. Jeb Hensarling (R-Texas) and Sen. Patty Murray (D-Wash.) announced late this afternoon that “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.”
The supercommittee was supposed to present its plan for reducing the federal deficit by this Wednesday, but it would have had to have a deal ready by today to give the CBO time to calculate the financial impact on the deficit before the announcement. Failure to meet the deadline triggers $1.2 trillion in automatic “across-the-board” spending cuts starting 2013, half of which will come from national security. Not willing to let congress off the hook for their promise to make those cuts, President Barack Obama said today, “I will veto any effort to get rid of those automatic spending cuts to domestic and defense spending.”
Plenty of people are talking about what happens next. Read More >
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