Super Committee Fails To Make Debt Deal

: Chris Lee Law Firm

  Filed under: News

super committeeFor months political officials on in both parties have been debating about the best way to resolve our nation’s debt and budget crisis. Adjusting the national borrowing limit a few months back may have bought more time to resolve conflict, but it appears as though time is not enough to reach a deal that both political parties will agree to.

Super Decisions, Super Disappointment

The idea behind the six member bipartisan group was to create a balanced and fairly represented committee to iron out our nation’s financial troubles. After months of negotiations, the committee resulted in a deadlocked disagreement no different than that reached by Congress earlier this year. However, prior to the formation of the Super Committee lawmakers implemented a provision that would take action if no agreement was made. The provision calls for across-the-board spending cuts in defense and domestic programs, which will begin in 2013.

Many have been, and continue to be, worried about the idea of spending cuts and how it will affect crucial programs such as Social Security.  The provisional spending cuts have included an exemption for Social Security, Medicaid, veteran’s benefits and food stamp programs. As the fate of many American’s finances rest in limbo,  the debate continues as to whether tax increases or additional spending cuts are needed to resolve the national debt problem.

 

 


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