Ladies and gentlemen, welcome to the American political system where political affiliation is more important than doing what’s right for the viability of the United States economy. The “Super Committee” is set to announce today that they failed to reach a compromise on bringing some stability to the nation’s runaway deficit crisis.
“I wouldn’t be optimistic. I don’t want to create any false hope here,” Republican Senator Jon Kyl said on Fox News. He said the panel would release a statement by the end of the day.
After a year of bruising budget battles, failure by the super committee is another sign that U.S. lawmakers are too entrenched to compromise on the tax increases and benefit cuts that budget experts say are needed to set the country’s finances on a stable path.
The failure will cement notions of a dysfunctional Washington among voters and investors already disenchanted with the brinkmanship that brought the country to the edge of a first-ever debt default in August.
Lawmakers likely will not return to the problem until 2013 at the earliest as they shift their attention to the 2012 presidential and congressional elections.
Budget skirmishes will continue over the coming months.
Republicans unwillingness to raise taxes on the top 1% and Democrats unwillingness to cut spending on programs that benefit the bottom 99% without raising taxes on the top 1% means that come 2013, programs that Republicans adore like the military budget will automatically be cut along with programs Democrats love, like some entitlement programs for the poor.
However, 2013 is still a long time away. If nothing is done now, you can be assured that somehow, these incompetent fools in Congress will manage to stop the automatic triggers set to begin because of this failure. Wait for it…!
