The self-proclaimed committee of super’s recent announcement that it is unable to deliver on its one goal of producing a plan that would eliminate trillions of dollars from the debt has created another black hole for Obama’s jobs package, subsequently, this could have been the administrations last attempt to push the piece of legislation through Congress.
A somewhat lesser known fact from this super committee was the irrevocably decisions concerning the piece of legislation known as “The Jobs Bill.” If an agreement was reached from the committee the proposals set forth from the 12-members would be protected under a “Parliamentary immunity”; allowing a simple-majority to hold firm and prohibiting filibustering.
How important is the debt? Presidential candidate Ron Paul whose recent comments from the CNN National Security debate exuberate that a balanced budget is the best safety for America; not weapons, who also quipped to Mitt Romney that “They are cutting nothing” concerning the defense budget; “All this talk is just talk. They are nibbling at base line budgeting due for automatic increases,” has recently released a statement concerning the Committees failure: “The Committee merely needs to cut about $120 billion annually from the federal budget over the next 10 years to meet its modest goals, but even this paltry amount has produced hand-wringing and hysteria on Capitol Hill. This is only cutting proposed increases. It has nothing to do with actually cutting anything. This shows how unserious politicians are about our very serious debt problems.”
Senate Majority Leader Harry Reid, D-Nevada, said Democrats “were prepared to strike a grand bargain that would make painful cuts while asking millionaires to pay their fair share, and we put our willingness on paper,” but Republicans “never came close to meeting us halfway.”
His GOP counterpart, Senate minority leader Mitch McConnell of Kentucky, argued that an agreement “proved impossible not because Republicans were unwilling to compromise, but because Democrats would not accept any proposal that did not expand the size and scope of government or punish job creators.”
There is one option left for the administration and Democrats on the Hill: Lump parts of the bill into a “CR” (continued resolution) that is due on December 16th to keep the government afloat and funded. However, a CR does not stop a filibuster from occurring. It’s unlikely that such a measure would then pass if 60 votes are needed.
Sen. John Kerry who was a 2004 Presidential hopeful and also a Democratic member of the committee told CNN, “We got totally hung up by people who were insisting that not only could they not raise any additional revenue from the wealthiest people in the world, but they wanted to give them an additional tax cut,” Kerry said. “This is insanity.”
With the continued spending in Washington and every GOP hopeful wagging their fingers at the current administration and Democrats in congress the next step of faith will be the emergency unemployment funding debate. This will be the 10th time since an unemployment levels were high enough that congress has continued a debate concerning emergency benefits. That means after nine previous extensions, it is possible there won’t be a 10th. Extending the benefits costs about $50 billion of Federal money to help supplement people in individual states who have exhausted their money. If no extension is passed there are approximately 2.2 million who will lose their bi-weekly UC benefits. The average unemployment compensation pays for 26 weeks from the Beneficiaries home State. If congress is unable to extend UC then next year recipients are looking at a sharp decrease from 99 weeks of paid benefits to just 26.
One thing is for sure; if nothing is done about the bleeding of money from Washington it will continue until the effects are felt fully in the average American’s home. Until that time it is all numbers and zeros. Perhaps as some analysts suggest, it is wise to let the unemployment benefits expire so a jolt is sent through the public concerning the importance of the budget. However one sure-fire way to make sure everything continues? Print more money.
And as long as they can – they will.