super committee

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CBO: 'Fiscal Cliff' Could Trigger New Recession

Growth would decrease 0.5%, new report concludes

(Newser) - Don't expect a gentle fall if the US goes over the so-called "fiscal cliff." The Congressional Budget Office has concluded in a report today that if Congress doesn't do something about the impending round of tax hikes and spending cuts, US growth will plunge back into... More »

Don't Fear the Looming Pentagon Cuts

...because it's the domestic cuts that will really hit home

(Newser) - Much ink has been given to the Pentagon cuts set to hit on Jan. 2, thanks to the failure of last year's deficit supercommittee. But with less than five months til D-Day, the AP takes the opportunity to dish out a cheery recommendation: Don't fear those $55 billion... More »

Christie to Obama: 'What the Hell Are We Paying You For?'

President let super committee fail: NJ governor

(Newser) - Chris Christie slapped President Obama over the failure of the super committee, calling the president a “bystander” in the deficit mess. “I was angry this weekend, listening to the spin coming out of the administration,” the New Jersey governor said, suggesting that “the president knew it... More »

Fitch Hacks US Debt Outlook After Super Committee Fails

Downgrade of AAA rating could loom

(Newser) - Thanks to the super committee’s super failure, Fitch Ratings has downgraded US debt outlook to negative. Fitch did not lower the US’ AAA rating for long-term treasuries, but a Fitch official says a negative debt outlook often leads to such a downgrade. That decision is not expected until late... More »

Colin Powell: Tea Party Candidates Can't Win

But Dems, GOP also too partisan, he tells Christiane Amanpour

(Newser) - Colin Powell took aim at Tea Party candidates, Democrats, and Republicans alike today in a plea for compromise on Capitol Hill. Speaking on Christiane Amanpour, the former Bush secretary of state said Tea Party contenders are too hard-line to win next year's presidential election: "The Tea Party point... More »

We're Stuck With 2 Minority Parties

The public doesn't like either, but they get election wins anyway

(Newser) - Back in 1951, a political analyst came up with the theory that at any time in America there’s a Sun Party, which drives the agenda, and a minority Moon Party that shines by reflecting its rays. But these days, “we are living in the era of two moons... More »

Next Dogfight for Congress: Payroll Taxes

And this time, the outcome could cost you about $1K

(Newser) - Now that the super committee lies in ruins, Congress has another scramble on its hands—what to do about the current payroll tax holiday, which is up Dec. 31, and unemployment benefits, which expire for 2 million people soon after. Failing to extend either could put a serious dent in... More »

Super Committee Gives Up

Democrats, Republicans can't bridge budget differences

(Newser) - The bipartisan leadership of a special congressional deficit super committee officially announced today that the panel failed to reach an agreement. Democratic Sen. Patty Murray and Republican Rep. Jeb Hensarling say that despite "intense deliberations" the members of the panel have been unable "to bridge the committee's... More »

Gingrich: Super Committee Failure 'Good for America'

Liberal bloggers pretty happy about it, too

(Newser) - Newt Gingrich certainly isn’t mourning the super committee’s super failure , calling it “good for America” this morning, Politico reports. Gingrich, a longtime critic of the panel, said the “gridlock” in Washington is “partly the president's fault, it's partly the Congress' fault, but it'... More »

Stocks Plunge on Super Committee Failure

Dow drops triple digits

(Newser) - Stocks plunged at the opening bell today, thanks to the super committee's failure to reach a deal and the ongoing debt crisis in Europe. As of 9:37am, the Dow was down 158 points, while the Nasdaq and S&P were down 40 and 19 points, respectively, as investors... More »

After Super Failure, What's Next?

Key issues remain on table for lawmakers as super committee throws in towel

(Newser) - As the debt super committee prepares for an awkward day in which it's expected to announce that it is throwing in the towel, Politico examines what's on the horizon for Washington following the failure to reach an agreement . With no workable proposal on the table, members won’t... More »

Super Committee Busy Pointing Fingers

Legislators play the blame game, say there's still time

(Newser) - With the super committee's deadline now a matter of mere hours away and reports of the committee's demise rampant , members of the panel took to the talk show airwaves today, with Democrats blaming Republicans, Republicans blaming Democrats, and some managing to sound hopeful for half a second, reports... More »

Super Committee: Stick a Fork in It

Panel members likely to call it quits tomorrow

(Newser) - If things looked bleak for the super committee yesterday , they're worse in the cold light of today: The legislators tasked with slashing $1.2 trillion from the national deficit will throw in the towel as soon as tomorrow, reports the Washington Post . The signs are ominous at best, with... More »

Super Committee Prospects? Find Synonyms for 'Bleak'

Hope fading fast as deadline nears

(Newser) - So how go the super committee talks as the clock ticks toward the deadline of Wednesday (which really means Monday night for all practical purposes)? It's all but impossible to find even a glimmer of hope:
  • Washington Post : Headline: "Supercommittee at impasse as deadline nears"; snippet: "By
... More »

If Supercommittee Fails, What Happens? Nothing

And failure is looking exceedingly likely

(Newser) - There’s a reason Capitol Hill isn’t in panic mode ahead of the supercommittee’s dreaded Nov. 23 deadline: because nothing will actually happen in the now-likely event that the committee fails. Turns out those massive spending cuts that supposedly serve as a sword of Damocles for lawmakers don’... More »

GOP Battles Itself Over Taxes

Toomey and Hensarling under fire for tax plan

(Newser) - The proposal that super committee Republicans put forth to raise about $300 billion in new tax revenues may not have been enough to win over Democrats , but it’s been more than enough to stir up dissension in the GOP ranks, with anti-tax hardliners suddenly at odds with long-time compatriots... More »

Obama Preparing for Debt Committee Flop

Pessimism rampant on Capitol Hill

(Newser) - Publicly White House officials are saying that failure isn’t an option for the deficit super committee, but behind closed doors, failure is exactly what they’re expecting. Advisers privately tell the Washington Post that they’re preparing for the possibility—perhaps probability—that the 12-member committee fails. President Obama... More »

Super Committee Wants to Count $700B War Savings

'Gimmick' would pay for things like payroll tax cut

(Newser) - The congressional super committee isn’t any closer to a deal, but consensus is growing around one thing: Counting the roughly $700 billion the country intends to stop spending in Iraq and Afghanistan toward its total. The idea has budget experts enraged—one member of a bipartisan group called it... More »

GOP Debt Co-Chair: No Deal in Sight

Super committee talks 'like a roller coaster ride'

(Newser) - The Republican co-chair of a committee in charge of slashing the nation's deficit on today called deliberations a "roller coaster ride" and gave no indication that a deal could be struck before the panel's Thanksgiving deadline. Texas Rep. Jeb Hensarling said the panel will fail unless Democrats... More »

Obama to Congress: You Go Your Way, I'll Go Mine

He heads overseas amid crunch time: Politico

(Newser) - With President Obama on a nine-day trip to Australia, Indonesia, and Hawaii as Congress's debt super committee enters its endgame phase and yet another shutdown threat looms, it's a clear sign that the branches of government "are officially in the breakup phase," writes Carrie Budoff Brown... More »

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