With their Thanksgiving deadline just days away, the alleged “Super Committee” of six Democratic and six Republican Congress members has as much as admitted that after months of meetings, they have failed to agree on a way to cut the deficit by $1.2 Trillion over the next decada. The D’s blame the R’s for refusing to raise taxes on the rich, while the R’s accuse the D’s of being obsessed with raising taxes.
- Now we have something else to be grateful for on Thanksgiving… That the committee will be disbanded.
- Rumor has it, after all this time they still haven’t even agree on their “Super Secret Handshake”!
Congress is on a 10-day break this week. Bottom line: The Super Committee’s failure to reach a deficit deal means that automatic spending cuts will be imposed — but not until January 2013. That is, unless Congress takes action to prevent it.
- So basically, Congress just got a free pass to do nothing for another year!