The last fiscal debate that has divided Washington between Democrats and Republicans; the negotiations about social security payroll tax cut and revenue incensement polities has paralyzed the nation.
WASHINGTON – The failure of Congress’ “supercommittee” to propose even one dollar in deficit reduction has left Capitol Hill without a strategy for tackling the nation’s spiraling debt — and left several trillion-dollar spending and tax issues that must be resolved as soon as next month.
The Joint Select Committee on Deficit Reduction announced Monday it could not come up with the minimum $1.2 trillion of deficit reduction required under its mandate, much less the $4 trillion that deficit hawks said was necessary to help stabilize the finances of the U.S. government, whose debt has topped $15 trillion.
The collapse of the 12-member bipartisan panel’s negotiations rattled the financial markets and set the stage for mandatory cuts to defense and domestic programs that would begin in 2013 — after next year’s presidential and congressional elections.
It ensures that the fiscal debate that has paralyzed Washington — between Democrats who want to protect expensive social programs and increase revenue by raising taxes on the richest Americans; and Republicans who want to trim government and have steadfastly rejected tax increases — will be a fundamental choice confronting voters in 2012.
For now, the panel’s inability to reach a deal leaves Congress with a range of unfinished budget items that could have been part of a larger bargain over federal taxes and spending.….continue reading.
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