US Congress Appoints Committee to review the US National deficitFeatured, Finance Tuesday, November 22nd, 2011
The committee appointed by the US Congress to review the US National deficit, and hence make cutbacks, hit a stalemate on Monday to the chagrin of many. Dubbed the “Super-Committee”, the House anticipated that the appointees would realize cutbacks amounting to nothing less than $2.2 trillion.
The deadlock will presumably spur a series of heated debates, trickling into various federal projects in the armed forces, healthcare, education, on the local front and beyond. A direct impact of the impasse was felt at the stock market, where Treasury shot up as stocks weakened.
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Principals of the committee made a formal statement of their “super-failure” through an email that was already preempted before the talks were over. Leaders of the panel, Republican Jeb Hensarling and Democratic Sen. Patty Murray confirmed the impasse that wouldn’t meet the deadline.
As many read political mischief into the turnout, not much fruition was expected from the committee of Democrats and Republicans. This is going by the seething temperatures that have raged on all year-long as the two parties campaign in the run to 2012 presidential elections.
Both parties are already being seen to use the stalemate against each other in their campaigns, with high taxation rates, unnecessary spending coupled with the staggering national deficit of $15 trillion.
President Obama stated that the GoP’s non-committal approach to cutbacks was key in hindering the success of the committee; citing the Republican opposition to raised taxes and amendments to public programs.