It should come as little surprise that the bipartisan supercommittee tasked with reducing the federal deficit by 1.2 trillion didn’t succeed. The committee has worked on a proposal for 10 weeks but could never agree on tax increases or spending reductions and instead threw their arms in the air at the deadline and said “We can’t agree on what to do”.
The committee’s failure triggers automatic cuts to defense spending, health care, farm subsidy and increases taxes. I don’t for a minute believe that the threatened cuts will occur to the extent that they are supposed to but I do believe we will see cuts and those cuts will undoubtedly affect health care spending and entitlement programs like Medicare and Medicaid.
I also believe the next congressional session and election campaigns will be consumed with what each party and what each candidate believes is the right thing to do in order to reduce the federal debt – the problem is we will never know if any one plan is good because there will always be someone on the other side telling us it’s terrible.
There’s no doubt something needs to be done and the supercommittee’s failure points to the dysfunction that has helped create our current problem. It seems we would be better off as a country if we had Americans in congress as opposed to Democrats and Republicans!