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| Joint Select Committe on Deficit Reduction |
Both Chairs of the Joint Select Committee on
Deficit Reduction, Representative Jeb Hensarling and Senator Patty Murray, released
the following statement making it official that the Super committee was unable
to reach a deal before their November 23rd deadline.
"We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us.”
Republicans charge that Democrats were too timid about cutting spending. Democrats said Republicans insisted that we make tax cuts permanent. Revenue increases were a determining factor for Democrats signing off on a deal. Some on the Hill are pointing fingers at the President for lack of leadership. The political downside for the President getting involved could have made him complicit in the failure of this committee in the eyes of the voters. The more distance the President has from Congress the higher his poll numbers seem to go. The failure of this committee may send approval numbers for Congress into further decline which could send voters to the polls dead set on voting out incumbents.
Both sides claim that
they want to push for a deal but if any group on Capitol hill could have a made
a deal of this stature it would have been the Super Committee who were given
exemptions from procedural constraints that slow legislation making it
increasingly difficult to pass anything in Congress. The breakdown in Congress
leaves businesses questioning what this economy is able to do to spur a recovery.
The insolvency of this committee has been a devastating example of politics
over policy. Both political parties should be held to blame for the deficit and
the failure to reach a deal earlier this year which ultimately led to today’s
failure of the Super Committee.