Super bargain unlikely
There has been growing sentiment of late, from both ends of the political spectrum, that it might not be such a bad thing if the so-called super committee on deficit reduction fails to reach agreement by its assigned deadline this Wednesday.
If that occurs, automatic spending cuts will kick in for all federal agencies, including the military, to reduce future deficits by $1.2 trillion over the next decade.
For liberals, that’s preferable to cuts in entitlement programs such as Social Security and Medicare, while conservatives would rather have automatic cuts than any tax increases.
Until recently, we had hopes the super committee might reach a grand bargain — one that recognized the need for entitlement reform, as well as raising revenue by closing tax loopholes, and would reduce deficits by far more than $1.2 trillion. But, with a only a few days left until the deadline, that looks highly unlikely.
Americans must hope future members of Congress will be more aggressive in reducing deficits, lest we end up like Greece and Italy.