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If the committee fails to agree on a minimum of $1.2 trillion in debt reduction or the full Congress fails to pass it, a so-called "trigger mechanism" would activate a series of automatic deep cuts, split evenly between military and civilian programs, which would take effect in 2013.
The trigger cuts were supposed to force compromise between Democrats, who do not want to see big cuts in Medicare -- health benefits for the poor -- and Republicans, who do not want to see big cuts in defense spending.
Many people fear that lack of action will lead to a further loss of confidence in Congress and the U.S. economy.
What will the Super Committee do?
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" We know that we have only got 10 days left and the clock is ticking. And we're working hard to try and get an agreement," said Democratic Rep. Chris Van Hollen, a member of the committee. |
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The committee is responsible for issuing a recommendation that would be put to a vote in Congress by December 23.
There are two ways to balance the budget: raise more money (taxes) or cut spending (government programs).
Areas under consideration by the committee include: tax increases, tax reforms, military spending cuts, and reforms to programs such as Medicare, Medicaid and Social Security.
Democrats want to raise taxes on people making more than $250,000 to help balance the budget. Republicans say some tax reform is possible but that most of the savings must come from spending cuts.
Although there are no major signs of progress, House Majority Leader Eric Cantor said he's confident the committee will reach an agreement.
Meanwhile, President Obama has appealed to all members of the committee, asking them to work together and be more flexible.
“My hope is that over the next several days, the congressional leadership on the super committee go ahead and bite the bullet and do what needs to be done, because the math won't change,” said Mr. Obama.
Who is on the Super Committee?
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Sen. Patty Murray of Washington (Democrat and committee co-chair) is the only female member of the committee. |
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The committee is made up of twelve members of Congress, six from the House of Representatives and six from the Senate.
The group is evenly divided between Democrats and Republicans chosen by the leaders in the House and Senate.
The members have a range of political experience -- from novice to veteran. They are experts in taxes and the budget process.
The Super Committee members are under intense pressure from special interest groups who do not want to see their programs cut. There has also been pressure by the president and others to be bold and work out $4 trillion in cuts instead of just $1.2.
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I think we've been witnessing violence for years, whether in reality through the media or through video games, and I don't think that's a first-hand effect.
