Debt-reduction supercommittee talks appear to be at an impasse

[alp227]

Source: Wash. Post

Washington’s latest exercise in debt reduction appeared to be at an impasse Thursday, as members of a special congressional committee barreled toward a Thanksgiving deadline with no movement on the fundamental question of whether to raise taxes.

Talks continued between congressional leaders and members of the supercommittee, but the panel had no further meetings scheduled and no path to compromise on a plan to slice at least $1.2 trillion from projected borrowing over the next decade.

Aides in both parties said the prospects for a bigger deal were fading rapidly, and that the panel committee could be left struggling just to meet its minimum target.

“In a word, it’s stolid. Not stalled, but stolid,” said supercommittee member Max Baucus (D-Mont.), chairman of the Senate Finance Committee, suggesting that talks had slowed to a crawl.

Read more: http://www.washingtonpost.com/business/economy/debt-reduction-supercommittee-talks-appear-to-be-at-an-impasse/2011/11/03/gIQA37myjM_story.html

[thecrow]

1. So maybe we need an Ultra Mega Supreme Supercommittee?

Yeah.... bring it!

:rofl:

[subject]

2. lol

How bout a Double-Secret Probation Ultra Mega Supreme Supercommittee!!!!

[quakerboy]

5. The committee chosen by the supercommittee?

Perhaps just a single person, a committee of one, if you will?

[PSPS]

3. Gee, what a big surprise. The outcome is a foregone conclusion anyway.

They'll miss the deadline, supposedly triggering "automatic cuts with no tax increases." Panetta has already set it up so his war budget won't really be cut, and goodbye what's left of any social program.

Bathtub.

[No Elephants]

8. Did I miss the Congressional vote, signed by the President, agreeing to automatic cuts?

I am not being sarcastic here (for a change).

I am trying to figure out how these automatic cuts satisfy the procedute outlined in the Constitution for how legislation, like a Congressional exercise of its power of the purse, gets passed.

So, what vote on what bill signed (or vetoed) by the President was involved?

[karynnj]

18. It was the bill that raised the debt ceiling in August

It satisfies the Constitution, but not common sense or decency in case of the security net programs, in that it is not unconstitutional to cut the budget of every not protected program. If I remember right, SS and Medicaid are protected, but not Medicare. (I would have expected Medicaid and Medicare would have been flipped, but it may have been that Obama wanted the automatic cuts to be unpopular - so there would be ample incentive to avoid them. )

"Thus, the bill Obama signed Tuesday cuts discretionary spending by about $1 trillion over 10 years. It will also task a new congressional committee with finding at least $1.2 trillion in further deficit savings — either from tax increases or from further spending cuts, or both. Entitlement cuts will be on the table in a real way. And if the GOP refuses to budge on tax revenue, and the committee fails, the result will be automatic cuts, split evenly between domestic and defense and security spending. Medicare providers would take a two percent across the board cut. Defense spending would be cut by $500 billion over 10 years. "

http://tpmdc.talkingpointsmemo.com/2011/08/the-new-default-a-sad-history-of-the-debt-limit-fight.php

The sad thing is that the Democrats really lost on this this summer when Obama agreed to this - but he was in a difficult position, the republicans were threatening to cause the US default - and as one Democrat said, it was possible they would "shoot the hostage (the economy)"

[UpInArms]

11. welcome to the United States of Kenya!

the country with a government small enough to drown in a bathtub

[closeupready]

15. Yes, that way, nobody in that den have to lose face voting the 'wrong' way.

Win-win for everyone except the American people. :mad:

[Kablooie]

17. Except the automatic cuts don't start till next year so the deadline is not a deadline.

[Little Tich]

4. It seems as if Republican intransigence is becoming chronic.

Politics without compromise is the absence of politics.

[No Elephants]

7. Oh, there's been plenty of compromise. Too much, I'd say.

[jeff47]

12. Oh no, they'll come to an agreement.

These are negotiations. They know Democrats will keep floating better and better "compromises" that destroy more of the safety net and raise taxes on the wealthy less. They're waiting for another couple rounds of Democratic proposals, and then they'll agree. That way they can be 'bipartisan', and the Democrats do the unpopular work of cutting Social Security, Medicare and Medicaid.

[red dog 1]

6. "Stolid" From Latin "Stolidis"..."Dull, Stupid" ...Yep, that's the 6 Republicans all right!

[dmosh42]

9. Set up to fail!

[RUMMYisFROSTED]

10. As planned. nt

[indypaul]

13. Just how does one negotiate with

the other side who has already pledged to ignore 50% of
any solution? The idea that these problems can be addressed
let alone solved with such an attitude is beyond imagination.
Speaking as one of the 99%, Congress had best be paying closer
attention to this matter. After Tea Party and Occupy Wall Street
the only alternative left appears to be the pitchforks. The
ballot box is too far in the future for the necessary action.
The empty suits on Capitol Hill have thus far abdicated any
appearance of an effort to bring these matters to an equitable
solution. The rampant corruption ("free speech dollars) and
blind obedience to the Norquest Pledge have positioned this
nation to the possibility of a despotism that Benj Franklin
warned us of in 1787. Congress spending 75% of time raising
funds for reelection, 20% on breaks and 5% legislating should
realize that the 99% have had it,are mad as hell and really
and truly not going to take it anymore.

[closeupready]

14. Nonsense. This is just part of the script they've been given. At 11:59 p.m. on Nov. 23,

they will suddenly, eagerly announce a 'breakthrough' that cuts social security and medicare to the bone, gives more tax breaks to the 1% and to defense contractors, and cuts defense spending by 0.5%.

[Kablooie]

16. Shhh. That's top secret.

[JimWis]

19. So they are at an impasse. Why am I not surprised.