Greg Ip

Articles by The Economist’s U.S. Economics Editor

The deficit “supercommittee”: Fourth time lucky?

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Yet another bipartisan panel gets ready to tackle the deficit

Aug 20th 2011 | WASHINGTON, DC | from the print edition

[Greg Ip] IN THE past nine months no fewer than three congressional taskforces have tried, and failed, to bridge the differences between Republicans and Democrats on taming the budget deficit. Now comes the turn of a new joint select committee, or “supercommittee”, as it has been dubbed. Created by the August 2nd agreement that raised the national debt ceiling and cut $917 billion from spending in the coming decade, the new panel is charged with finding another $1.5 trillion to slash from the deficit over the next ten years.

The 12 members selected, drawn equally from both parties and both chambers, do not inspire confidence. One Democratic member heads her party’s Senate re-election campaign; one of the Republicans once headed the Club for Growth, a virulently anti-tax group. Four of the 12 sat on the bipartisan commission led by Erskine Bowles and Alan Simpson, and all four opposed its “grand bargain” of sweeping spending cuts and revenue-raising tax reform. None of the members is part of the “gang of six” senators who proposed a plan similar to the Bowles-Simpson commission and, like that commission, got nowhere.

Read the entire article here.

 

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Written by gregip

August 18, 2011 at 12:46 pm

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