Related Content: Super Committee

Panel Fails to Reach Deal on Plan for Deficit Reduction

On The Radar

Leaders of the Congressional committee charged with finding at least $1.2 trillion in deficit reductions conceded on Monday that panel members had failed, setting up what is likely to be a yearlong political fight over the automatic cuts to a broad range of military and domestic programs that would go into effect starting in 2013 as a result of their inability to reach a deal. Speaking an hour after the committee’s failure was announced by its leaders in an e-mail statement, President Obama promised to veto any legislation that seeks to avoid the automatic cuts.

Obama Weighed Risks of Engagement, and Decided to Give Voters the Final Say

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In remaining aloof from the special deficit committee in Congress even as it collapsed on Monday, President Obama showed his calculation more clearly than ever before: Republicans will never agree to raise taxes on the wealthy to balance any spending cuts, so let the voters decide. Congress could still reach a bipartisan compromise in the next month, or next year, to avoid the threat of automatic spending cuts, especially in military programs, in 2013.

Super Committee Failure Won’t Hurt the Economy for Another Year

On The Radar

A compromise in the super committee was never going to boost the economy right away. Failure will not hurt it, for at least another year. The across-the-board budget cuts that will now be triggered by the Budget Control Act are scheduled to take effect in 2013, when the Federal Reserve projects the U.S. economy will be growing at a 3.0-to-3.5-percent clip, or about double the growth rate today. The Bush tax cuts—which the super committee failed to find agreement on, as well—are set to expire in 2013, too.

Super-Committee Failure Forecasts Sequester Fight

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The super committee’s failure to come up with $1.2 trillion in deficit-reduction measures has paved the way for an election-year battle by Republicans to rewrite the sequester rules and protect defense spending in the face of a White House veto threat. House Armed Services Chairman Buck McKeon, R-Calif., a vocal opponent to the sequester from the onset, said on Monday that he will introduce legislation in the coming days to prevent the cuts from taking effect in their current form.

Fantasies of a Debt Deal From a Convivial Congress

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Let’s play Congressional supercommittee! — the fantasy football version. Democratic members, whose forebears created the entitlement programs that senior citizens cherish, really don’t want to cut them. But they fear that fiscal sanity requires it.

Super Committee Struggles With Deficit Endgame

On The Radar

“It’s tougher than you think,” said Rep. Xavier Becerra, a Democrat from California, as he exited another super committee meeting Thursday afternoon. The good news was that lawmakers were still talking as a Nov. 23 deadline approached. The bad news was that Democrats were huddled with themselves in the Capitol and not with the opposing party, while Republicans were dug in elsewhere. Each side taunted the other across acres of cold marble, quarreling about the meaning of “balance” when it comes to $1.2 trillion in future deficit reduction.

Super Committee, Super Lie

On The Radar

When I left the White House beat to cover Congress, I told people what the biggest difference was between the two beats. People in the White House and Congress lie to you, I would say; the difference is that on the Hill it’s not the same lie told by the same seven people. That was true until the super committee was created. Now, instead of politicians lying to their constituents and reporters, they are lying to themselves. Not rationalizing, or trimming the truth, or speaking in euphemisms. Lying. Bald. Faced. Lying.

U.S. Consumer Confidence Less Vulnerable to Super-Committee Failure

On The Radar

Washington is focused on the super committee, but the rest of the country is paying far less attention to the special panel charged with finding at least $1.2 trillion in deficit savings by Nov. 23. And that's good news, or at least not bad news, for the economy. The super committee's inability to forge a consensus won't trigger anything close to the confidence slide set off by the summer's debt-ceiling debate because the public just isn't paying attention, economists and a National Journal data analysis suggest.

Panel Is at Impasse, but Obama Sees No Reason to Step In

On The Radar

The White House’s expectations for the special Congressional committee on deficit reduction, never high, have been all but dashed now that the panel has reached a partisan impasse less than two weeks before it is supposed to recommend a compromise plan.

The John Kerry Moment?

On The Radar

Failure, it turns out, is an option. In fact, it sounds more and more like an imperative. “I’m worried you’re going to fail,” Erskine Bowles, the Democratic chairman of President Obama’s debt- and deficit-reduction commission, told the super committee on Tuesday. Hours earlier, Rep. Mick Mulvaney, R-S.C., told a National Journal panel on the 2012 election that he fully expected the super committee to fail and expected all of the underlying political and policy issues to be settled, at least in part, by the 2012 election.