The market’s response to the Republican crisis, brought on by blackmail, has increased the pressure on the pre-existent Super Committee to reach a deal on the budget. Depending on whether Reid appoints Democrats or DINOs, I see impasse as the best possible result, because you can be sure that the Republican six will all goose-step with draconian precision.
The downgrade of the United States government’s credit rating by Standard & Poor’s is almost sure to increase pressure on a new Congressional “supercommittee” to mute ideological disagreements and recommend a package of deficit-reduction measures far exceeding its original goal of at least $1.5 trillion, lawmakers said Sunday.
Even before the panel is appointed, its mission is expanding. Its role is not just to cut the annual budget deficit and slow the explosive growth of federal debt but also to appease the markets and help restore the United States’ top credit rating of AAA. Otherwise, taxpayers may eventually have to pay more in interest for every dollar borrowed by the Treasury.
The report certainly got the attention of Capitol Hill. “I think this is one of the most telling, important moments in our country’s history right now,” Senator John Kerry, Democrat of Massachusetts, said Sunday on the NBC program “Meet the Press.” He added: “This poses a set of choices not just about a recession. It’s about a financial crisis and the structure of our economy, which really has been misallocating capital.”
In the S.&P. report on Friday outlining the reasons for removing long-term Treasury debt from its list of nearly risk-free investments, the company cited doubts about the ability of the two political parties to bridge their gulf on fiscal policy.
Inserted from <NY Times>
The problem, of course, is that only one side has been completely unwilling to negotiate, and there is no indication that will change.
Lawrence O’Donnell discusses the Super Committee with Rep. Jan Schakowsky (D-IL).
Visit msnbc.com for breaking news, world news, and news about the economy
She is spot on. The third way, creating jobs to increase the revenue coming in is the best way to decrease the deficit, but I see no chance of passage for her bill. Creating jobs to decrease the deficit is the last thing Republicans want. In their view, for the economy to increase Americans’ suffering, increases their chances to regain power and do for America what they have done for Wisconsin.
6 Responses to “Super Committee Under Pressure”
Sorry, the comment form is closed at this time.
Actually the only one I would trust on that committee would be Bernie Sanders and if he isn’t on it then buh bye the ragged ends of what has already been paid for, SS, Medicare and Medicaid (not so much medicaid paid for but it will fo too)
Bernie would have been my first choice.
Right now, I don’t think it makes any difference who is on the committee. The RepublicanTs will block any tax raises on the uber-rich because they bankroll them.
And we needed Dems who will block benefit to people who have paid for those benefits.
There should be at least 3-4 progressives on the Dems side and 2-3 moderates. Because you know the other side will be packed with tea baggers. And if Reid doesn’t get this through his fat head, he’s doomed as the next head of the Senate. I want at least Franken and Frank on that board.
See today’s article going up soon. So far, it’s 2 moderates and a total DINO.