Super Committee May Not Produce Super Results

Super CommitteeSince its creation, the Washington, DC lobbying corp has given the 12-member Joint Select Committee on Deficit Reduction (Super Committee) only about a 25% chance of success at reaching a consensus on a $1.2 trillion deficit reduction package. Unfortunately given the past two weeks of vacillation and the November 23 deadline fast approaching, it turns out they may be right.

Amidst dire warnings about the impacts of deep cuts in military spending from Pentagon officials and leading economists warnings of dire consequences of lost U.S. confidence in global markets, congressional members of the Super Committee could not reach consensus on multiple proposals which surfaced during the week of November 7-11.  In fact, the plan receiving the most consensus among members only includes cuts of about $400 – $600 billion.…

Super Committee Holds Another Public Hearing

On Wednesday, the Joint Select Committee on Deficit Reduction (JSCDR) held their third public hearing to focus on federal government discretionary spending.  The hearing comes just one day after what is being reported as heated discussions took place over entitlement and tax reforms in a closed meeting of the JSCDR.

CBO (Congressional Budget Office) Director Doug Elmendorf testified before the JSCDR on discretionary spending which totaled $1.277 trillion in 2011, or 40 percent of all federal outlays.…