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Joint Select Committee On Deficit Reduction
Latest Joint Select Committee On Deficit Reduction Items
The congressional "supercommittee" — the bipartisan group of 12 House and Senate members tasked with finding ways to slash the federal debt — has been flooded with often conflicting suggestions from colleagues eager to tell the panel how to do its job.
Congress' chief scorekeeper effectively shortened the window for the new deficit supercommittee to reach a deal, saying Tuesday that if lawmakers are going to meet their Thanksgiving deadline, his office will need to see an agreement at the beginning of November.
The debt-ceiling agreement brokered behind closed doors by President Obama and congressional leadership was a failure in every respect. It neither soothed the markets nor produced a dime in actual spending cuts. The stock markets plunged and the United States suffered a humiliating downgrade - the very fate this deal was supposed to avoid. The new Joint Select Committee on Deficit Reduction needs to do better.
The 12-member supercommittee tasked with straightening out the country's fiscal mess is long on lawmakers who have already whiffed in recent months on chances to strike deals and short on those who have shown a readiness to make the compromises that all sides say will be needed.
Like rebellious teenagers, Washington politicians ignore advice until they get in trouble. The debt downgrade and market crash ought to get them to rethink their overspending ways. Within the week, a new task force will form to give them an opportunity to make amends.