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"You and I have a rendezvous with destiny. We will preserve for our children this, the last best hope of man on earth, or we will sentence them to take the first step into a thousand years of darkness. If we fail, at least let our children and our children's children say of us we justified our brief moment here. We did all that could be done."
Ronald Reagan




Monday, November 14, 2011

Super Committee Worst Idea in U.S. History?

President Obama and top budget analysts are warning the so-called debt Super Committee not to take the easy way out of their mandate to cut the deficit by at least $1.2 trillion, as lawmakers have yet to reach a deal ahead of a Nov. 23 deadline.

For weeks, the overriding incentive for reaching an agreement was the fact that the law creating the committee would "trigger" sweeping cuts to defense and entitlements if the panel failed to identify the necessary savings. But lawmakers over the past several days have increasingly talked up the idea of simply changing the law so that those cuts -- particularly to the Pentagon -- would not go into effect should the committee fail.



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