Political Buzz November 21, 2011: Congressional Supercommittee Announces Failure to Reach Deficit Reduction Deal Prior to Wednesday Deadline

POLITICAL BUZZ

By Bonnie K. Goodman

Ms. Goodman is the Editor of History Musings. She has a BA in History & Art History & a Masters in Library and Information Studies from McGill University, and has done graduate work in history at Concordia University. Ms. Goodman has also contributed the overviews, and chronologies in History of American Presidential Elections, 1789-2008, 4th edition, edited by Gil Troy, Fred L. Israel, and Arthur Meier Schlesinger to be published by Facts on File, Inc. in late 2011.

OBAMA PRESIDENCY & THE 112TH CONGRESS:

IN FOCUS: CONGRESSIONAL SUPERCOMMITTEE FAILS ON DEFICIT REDUCTION DEAL

“Despite our inability to bridge the committee’s significant differences, we end this process united in our belief that the nation’s fiscal crisis must be addressed and that we cannot leave it for the next generation to solve.” — Republican Representative Jeb Hensarling and Democratic Senator Patty Murray said in a joint statement.

“They simply will not budge from that negotiating position and so far that refusal has been the main stumbling block that has prevented Congress from reaching an agreement to further reduce the deficit.” — President Obama said at the White House.

“This process did not end in the desired outcome, but it did bring our enormous fiscal challenges into greater focus. I am confident the work done by this committee will play a role in the solution we must eventually find as a nation. I commend both of the panel’s leaders, Jeb Hensarling and Patty Murray, for the dignified and statesmanlike manner in which the committee carried out its difficult negotiations.” — Speaker of the House John Boehner said in a statement

“I am disappointed that Republicans never found the courage to ignore Tea Party extremists and millionaire lobbyists like Grover Norquist, and listen instead to the overwhelming majority of Americans – including the vast majority of Republicans – who want a balanced approach to deficit reduction.
For the good of our country, Democrats were prepared to strike a grand bargain that would make painful cuts while asking millionaires to pay their fair share, and we put our willingness on paper. But Republicans never came close to meeting us halfway.” — Senate Majority Leader Harry Reid said in a statement

Congressional supercommittee fails to reach agreement on deficit reduction: The congressional supercommittee has failed to reach an agreement over how to cut $1.2 trillion from the U.S. budget deficit, the group said in a statement released Monday afternoon.
The co-chairs of the supercommittee, Democratic Sen. Patty Murray and Republican Rep. Jeb Hensarling, said in a joint statement, “Despite our inability to bridge the committee’s significant differences, we end this process united in our belief that the nation’s fiscal crisis must be addressed and that we cannot leave it for the next generation to solve.”
Under the law that created the bipartisan 12-member panel, the failure means that the government will face an across-the-board $1.2 trillion cut to defense and non-defense spending in 2013…. – WaPo, 11-21-11

Obama vows to veto efforts to gut automatic spending cuts: President Obama said Monday that he would veto any attempt by Congress to eliminate the automatic spending cuts triggered by the failure of the deficit supercommittee.
The law creating the supercommittee said that if it failed to reduce the deficit by $1.2 trillion, across-the-board cuts to defense and domestic spending totaling that amount would occur in 2013. Some members of Congress have already said they would look for ways to soften the impact of the automatic cuts…. – WaPo, 11-21-11

 

  • Obama statement on supercommittee failure: President Barack Obama’s statement at the White House on Monday after the congressional supercommittee failed to produce a deficit-cutting plan: Good afternoon. As you all know, last summer I signed a law that will cut nearly $1 trillion of spending … – WaPo, 11-21-11
  • Panel Fails to Reach Deal on Plan for Deficit Reduction: President Obama spoke on Monday after a joint congressional committee failed to reach a deal on deficit reduction on Monday.
    President Obama promised to veto any legislation that seeks to avoid the automatic cuts that negotiators agreed would go into effect if a deal is not reached by 2013…. – NYT, 11-21-11
  • The Deficit Deal That Wasn’t: Hopes Are Dashed: Not only could Democrats and Republicans not agree on a deficit deal, they could not even agree after it failed about what had gone wrong…. – NYT, 11-21-11
  • Lawmakers abandon deficit-cutting effort: Lawmakers abandoned their high-profile effort to rein in the country’s ballooning debt on Monday in a sign that Washington likely will not be able to resolve a dispute over taxes and spending until 2013.
    The admission of defeat by Republicans and Democrats on a 12-member congressional “super committee” is likely to cement perceptions among voters and investors that politicians are too divided to tackle trillion-dollar budget deficits and a national debt that now is roughly equal to the U.S. economy…. – Reuters, 11-21-11
  • Super Committee Says It’s Unable to Agree on Debt Reduction Deal: After months of bipartisan debt-reduction talks, the Super Committee said Monday that it will be unable to agree on terms to save $1.2 trillion over 10 years by tonight’s midnight deadline…. – Fox News, 11-21-11
  • Obama says Republicans to blame for ‘super committee’s’ failure: President Obama placed blame for the failure of the “super committee” squarely on Republicans, saying their refusal to consider raising taxes as part of a “balanced approach” to deficit … – LAT, 11-21-11
  • Supercommittee fails to find compromise on deficit: The bipartisan leadership of a special congressional committee — assigned the task of slashing more than $1 trillion dollars from the US deficit — announced Monday that the panel had failed, unable to bridge bitter ideological … – USA Today, 11-21-11
  • Five reasons why the congressional supercommittee failed: Congress’ goal when it created this panel was not to resolve a fiscal mess. It was merely to buy time so it could avoid painfully tough choices…. – CS Monitor, 11-21-11
  • Enough blame to spread around: The official statement marking the death of the supercommittee came from its co-chairs, Rep. Jeb Hensarling (R-Texas) and Sen. Patty Murray (D-Wash.), who jointly said “we were deeply disappointed” in the failure of the panel’s 12 members to reach a deficit-cutting deal…. – Politico, 11-21-11
  • Obama Vows to Veto Attempts to Undo Automatic Spending Cuts: After the Congressional supercommittee failed to reach a deal to cut the budget, President Obama tonight vowed to veto any attempts to undo $1.2 trillion in automatic spending cuts that would take effect in 2013. “Already some in Congress are trying to … – ABC News, 11-21-11
  • Obama Threatens to Veto Changes to Cuts: President Barack Obama said Monday he will veto any effort to get rid of automatic spending cuts that would begin to take effect in 2013 if Congress can’t find other ways of trimming government deficits. … – Time, AP, 11-21-11
  • The failure of the supercommittee bodes poorly for future negotiations: WHAT NEXT, NOW that the congressional supercommittee has failed? Depressingly, the answer is: not much, at least in the short term. Absent some intervening, cataclysmic event, the debt-reduction can has been kicked once again — this time. … – WaPo, 11-21-11
  • Obama pledges to veto effort to undo automatic spending cuts: President Obama is promising to veto any effort to undo the automatic spending cuts that are set to take effect now that the congressional supercommittee has announced its failure to strike a deal to cut $1.2 trillion from the deficit over the next 10 years…. – CBS News, 11-21-11
  • Super committee about to fail: Is it Obama’s fault?: Mitt Romney says it is. The GOP presidential candidate has used the super committee’s apparent failure as an opportunity to go after the incumbent…. – CS Monitor, 11-21-11
  • No Deficit Deal: US at Risk for Downgrade, Stock Correction: The Super Committee’s failure to come to an agreement on significant deficit reduction—and the possibility it may undo the automatic $1.2 trillion in budget cuts—is risking another US debt downgrade, a 10 percent drop in stocks and a decline in the US … – CNBC, 11-21-11
  • Super Committee Failure Won’t Hit US Rating: The Congressional super committee’s failure to reach a deal on cutting the US deficit will not lead to an immediate downgrade by credit ratings agencies…. – TheStreet.com, 11-21-11
  • Gingrich: Super committee failure ‘good for America’: Newt Gingrich declared that the congressional “Super Committee’s collapse” would be “good for America…. – MSNBC, 11-21-11
  • Debt ‘super committee’: the Grinch that stole the Christmas stock rally: The apparent inability of the ‘super committee’ to reach a deal, along with European economic woes, is causing angst on Wall Street…. – CS Monitor, 11-21-11
  • Super Committee’s Defeat May Mean More Cuts: Congress’ super committee admitted defeat Monday in its quest to conquer a government debt that stands at a staggering $15 trillion, unable to overcome deep and enduring political divisions over taxes and spending…. – WCVB-TV, 11-21-11
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