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According to a congressional official, Democrats on the supercommittee have rejected a...

According to a congressional official, Democrats on the supercommittee have rejected a last-ditch offer by the Republicans aimed at slashing $545B from deficits over the next decade, putting in question whether an agreement can be reached by the Wednesday deadline. Remember, the panel's mandate calls for $1.2T in savings over the next 10 years.
Comments (35)
  • In the interest of context, from the article:

     

    "Democrats called it a "halfway" proposal and said it was unbalanced because it included just $3 billion in tax revenue."

     

    Regardless, we need to throw them all out. :)
    18 Nov 2011, 03:34 PM Reply Like
  • A 'balanced' plan would cut 50% off the spending increase of $1 trillion in the past 3 years. A 'balanced' plan would cut Obama's bloated budget proposal, to add $14 trillion to our debt in the next 10 years by spending $45 TRILLION, by 20%, so the 10-year deficit is at least halved.

     

    A balanced plan would only cut spending because we increased spending per household by 40% in the last 5 years and we cannot afford to tax households by 40% more, without destroying the economy.

     

    The Democrats only want an unbalanced tax-more plan that locks us into massive spending and massive deficits.

     

    We might as well just let the automatic cuts happen, as the tax hike idea is a farce.
    20 Nov 2011, 01:47 AM Reply Like
  • I just wrote a piece about debt and GDP. Conclusion? After about 85%-90% debt-to-GDP, debt starts pulling on the economy. We've blasted past that milestone, and it's retarding the recovery. http://seekingalpha.co...
    20 Nov 2011, 12:45 PM Reply Like
  • hello, they've already got an agreement. The issue is whether they change it to something better than defense cuts.
    18 Nov 2011, 03:37 PM Reply Like
  • Which is a excellent place to start negotiations from.

     

    "There has never been a protracted war from which a country has benefited." Sun Tzu
    18 Nov 2011, 05:37 PM Reply Like
  • Yup, you threaten defense cuts the republicans will sell there own mother. Not because they really believe in it, but because they long sold out to the interest groups feeding on the steady money flow to the defense. Better sell all stocks in US military companies.
    19 Nov 2011, 01:12 PM Reply Like
  • As long as my blockheaded Republican party refuses to reinstate the Bush tax cuts there should not be an agreement. Besides what's going to happen? Virtually nothing until 2013. That leaves plenty of time to tweak the original agreement. And, It can be done after the Nov aught 12 elections.
    18 Nov 2011, 03:39 PM Reply Like
  • That is correct.
    19 Nov 2011, 01:13 PM Reply Like
  • All these "cuts" being proposed are merely slowing the growth of spending, presently an increase of about 7% every year. These people are addicted to spending, it seems it's the solution to every problem out there, doesn't it?
    18 Nov 2011, 03:47 PM Reply Like
  • 12% approval rating of Congress. 12% whether you are a Dem or Rep, makes no difference. I wonder if Greece or Italy's ex-PMs had higher approval rates? Maybe it's time we recall these worthless politicians unless they balance the budget.
    18 Nov 2011, 04:20 PM Reply Like
  • Throw all the bums out. It isn't even cuts and they can't agree to anything. Sad!
    18 Nov 2011, 04:50 PM Reply Like
  • I think you're behind on your polling data. I saw it as 9%, sitting between the approval rating of Hugo Chavez and Fidel Castro. But that was before the House set about to declare pizza a vegetable.

     

    I hesitate to join in the intuitive reaction of "throw the bums out". The electorate put these people in office. I'm worried about who they would pick to replace these people. IMO, the electorate is doing a worse job.
    19 Nov 2011, 11:07 AM Reply Like
  • Cuts..they need to have a one page definition of what they consider a cut first.....you are right Hubert....to go from a 7% increase to a 6% increase is not a "cut"....but to them it is....jokes..they are jokes
    18 Nov 2011, 04:32 PM Reply Like
  • you are so right......the reduction of an expected increase surely is NOT a cut......you are also correct that they are jokes....bad jokes. where are our statesmen
    18 Nov 2011, 07:51 PM Reply Like
  • Need to have an "American Spring" which is to turn out every single politican out of WDC. There will be some good ones that will get tossed out but no time to figure out who they are.
    18 Nov 2011, 05:40 PM Reply Like
  • Start by looking at who is your own ballot. It isn't hard to get involved in local government and allows you to see who is coming down the pike and influencing the outcome.
    18 Nov 2011, 08:55 PM Reply Like
  • Only vote for those who supported: (1) Earmark reform (2) balanced budget amendment (3) real spending cuts (4) ending corporate welfare and (5) voted NO on Obamacare, stimulus and TARP.
    20 Nov 2011, 01:48 AM Reply Like
  • I don't want to believe there are lawyers out there, politicians that is, that are so stupid that they think we will never need to cut spending. We have Europe's example right in our faces and they still can't cut the deficit. Neither side wants to admit that they are wrong. Raise taxes AND cut spending and even then we might still have massive debt problems.
    18 Nov 2011, 08:48 PM Reply Like
  • Spending has increased YOY since I believe early 80's. This is an addiction you are talking about and addictions are not rationale.
    19 Nov 2011, 01:25 AM Reply Like
  • Fire the addicts. Obama, former drug user and smoker, is the #1 spending addict in Washington. $5 trillion in added debt so far and NO plan to rein it in. Fire him and send him to rehab.
    20 Nov 2011, 01:49 AM Reply Like
  • There is no plan to cut the deficit, and certainly not the debt. This proposal is peanuts. US will have to print tens of trillions over the next decade, destroying the savings of Americans. And there will be a debt and deficit crisis. US is in worse shape than Eurozone when it comes to deficit levels and debt. A productive workforce will likely not be able to save her.
    19 Nov 2011, 06:45 AM Reply Like
  • Republicans should stand firm on no tax increases. The problem is spending. Democrats have no intention of limiting the growth of government. If this standoff results in chaos, so be it. Starve the beast. It's time for a new American revolution based on the principles of 1776.
    19 Nov 2011, 09:35 AM Reply Like
  • The republicans should be thrown out together with the democrats. US politics has long sold out! The real power is all with the interest groups and the military-industrial complex.
    19 Nov 2011, 01:15 PM Reply Like
  • Agreed.
    19 Nov 2011, 05:13 PM Reply Like
  • I am in.
    19 Nov 2011, 07:26 PM Reply Like
  • Yes, the problem is too much government spending. The solution is to fire any politician who buys his re-election through higher spending.
    20 Nov 2011, 01:50 AM Reply Like
  • I don't think we have to worry about the deficit. When all the Republicans can come up with is a $545B over 10 years, that tells me it's not something they're worried about.

     

    It's either that or they are intent on making the debt problem far worse than it is now.

     

    The Dems had a proposal to cut the deficit spending by $2.5T to $3T and the Reps can't come up with anything that exceeds round off error for 10 years of budget.
    19 Nov 2011, 11:10 AM Reply Like
  • The Dems demand tax increases to fund the parasites. If the choice is between economic collapse or bigger government, I'll take collapse. I have no use for either party. W should have taken Iraq's oil to pay for the war; otherwise what's the point? Obama can still be my hero. Take the oil.
    19 Nov 2011, 01:09 PM Reply Like
  • I wanna see the republican crying when they stop feeding all those cute little interest groups. While I agree that the dems feed too much to certain interest groups, the same is true for republicans. The US needs a viable third option!
    19 Nov 2011, 01:14 PM Reply Like
  • Your point is taken. I am opposed to both parties and don't hold out much hope for the U.S.
    19 Nov 2011, 05:14 PM Reply Like
  • But cutting spending will NOT collapse the economy! That's a big lie told by the big Keynesian spending types.
    Time and again, when govt cut spending, economies IMPROVED (eg New Zealand, Canada in 1990s, etc).
    20 Nov 2011, 01:52 AM Reply Like
  • Incredibly, all of the bickering is about reducing the *rate of growth* of the debt. And only to the tune of a fraction of a percent of GDP! Only in Washington is less growth considered a "reduction" of something. We're on an unsustainable path. Either the Eurozone crisis will get us, or we will eventually face our own sovereign debt crisis. Either way, life as we know it will be dramatically different for most people. For the long-term unemployed such as myself, it already is. Very interesting times.
    19 Nov 2011, 01:50 PM Reply Like
  • It's painfully obvious that the american public has, and has had, little or no power to influence congress or the president either in the past or the present to do what is right for the country. The will of the people is basically ignored, and worse subverted. The pursuit of the highest ideals, goals and solutions to our nation's problems has been replaced by the political pursuit of personal gain by our elected officials. Their primary goal is to get perpetually relected and thereafter to actively pursue the accumulation of personal wealth, political power and status.,even if it means taking money from lobbiests and do their bidding! Without regard to which party ( Democcrat or Republican) is most at fault for the current joint legislative committee deadlock mess, both parties are at fault for bringing the country to the presipice of financial and social disaster. The people cannot change the system that has been set up by the two party's as they are too entrenched at this time. But we have to start somewhere. I suggest we begin by expressing our outrage and rebuke their past and current conduct by ceasing to grant them the honor and dignity of the offices they have clearly dishonored in their pursuit of their own political and financial gain. Let's start by address them as either "POLITICIAN" or " PCP" ( politician corrupted by power). They do not deserve to be called " SENATOR or "REPRESENTANTIVE"( titles of honor) due to their corrupt and self serving conduct. If these suggested titles are not acceptable / appropriate, make up some of you own and distribute them to everyone you know. Hopefully the message will get out that the american public will not tolerate any more of their conduct and that we hold them collectively and indiividually in contempt for what they have done to our beloved country. Thereafter, we need to support and vote for candidates from other parties: Tea , Indepentent, Liberal or some newly formed party. We must break the hold that the Democrat and Republicanm parties have on this country. This will not be easy as they are vey entrenched and have many wealthy ( corporate, individual and other shadowly ) supporters who provide them with money and information that helps them make even more money( Ex:insider trading). This is a tall order. Hopefully, someone will come forward to start the process of change. If Ron Paul had more backing he could be a good starting point as he has accurately articulated the problem in Washington for many years. If we can find a leader to galvanize the actions necessary to affect beneficial change in our county that would be great. Meanwhile, let's take away the honor these career politician so dearly enjoy. That's something we can do right now. Sorry for the long message, but I wanted to get my thoughts out as I am very concerned about the future of our country. I know my concern is shared by many americans, even if it takes the form of public protests like the occupy Wall Street movement. May GOD bless America and may he help us solve our problems.
    19 Nov 2011, 04:26 PM Reply Like
  • It would take a VAT tax of 20% for US to balance its budget. Which it could do for a couple of quarter until the tax crippled the economy.

     

    It is obviously the policy to print and inflate their way out of it. Very dangerous prospect of course.
    20 Nov 2011, 07:37 AM Reply Like
  • Make the stipulation that if they don't come to reasonable agreement, such as deep spending cuts and some degree of tax increase they will lose their pension and benefits.
    They need to have some more at stake than their re-election.
    10 Nov 2013, 10:53 AM Reply Like
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