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Super Committee Stalls on Reaching Deficit Compromise

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The Joint Select Committee on Deficit Reduction has just five days until a deadline of November 23rd to come up with legislation to reduce spending by approximately $1.3 trillion over a decade. Although the negotiations have been behind closed doors, there is increasing skepticism on Capitol Hill that a compromise can be reached among the group of six Democrats and six Republicans. There are still two partisan plans on the table. The Republican plan identifies $250 billion in new revenue and extends the Bush tax cuts. Democrats also propose additional revenue through a tax overhaul and some tax increases. However, both calls for revenue increases have met with staunch opposition from some House Republicans. Rep. Patrick McHenry (R-NC) gathered 72 signatures for a letter this week opposing revenue increases of any kind. Without an agreement by the deadline, there is potential that drastic cuts in federal spending across all departments will have to be made.

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