Super? High Hopes, Lingering Doubts For Deficit Reduction Committee

August 17, 2011
by Marcy Bonebright
several links on this post

All the members of the bipartisan, bicameral Congressional Committee created by the Budget Control Act of 2011 have been chosen.

AN ANALYSIS

The Joint Select Committee on Deficit Reduction, created by the Budget Control Act of 2011, has powers never before given to a single group in Congress. The question is: Will this Joint Committee have the political muscle — or the will — to make substantial changes to the national deficit?

At stake is the threat of severe cuts if the Joint Committee fails to propose (or Congress fails to pass) legislation to trim at least another $1.5 trillion from the national deficit. According to a fact sheet provided by the White House after the initial deal was announced: “If the fiscal committee took no action, the deal would automatically add nearly $500 billion in defense cuts on top of cuts already made, and, at the same time, it would cut critical programs like infrastructure or education. That outcome would be unacceptable to many Republicans and Democrats alike — creating pressure for a bipartisan agreement without requiring the threat of a default with unthinkable consequences for our economy.â€