The Joint Select Committee on Deficit Reduction, Super
Congress, meets today to listen to Dr. Doug Elmendorf
testify on the causes and drivers of the national
debt and deficit.
This super committee was born out of the Budget Control
Act, the debt ceiling compromise bill hat was passed
at the 11th hours by Congress early last month. Membership
comprises equal member of both parties and both chambers
of Congress.
The Budget Control Act charged the Committee with identifying
between $1.2 and $1.5 trillion in budget savings over the
next decade in addition to the other cuts already enumerated.
If the Committee fails to come to an agreement, or if their
recommendations fail to satisfy the rest of Congress, a
sequestration of funds, or automatic cut of $1.2 trillion,
which will reduce domestic and defense spending equally,
will be triggered.
Members of both parties have publicly stressed the grave
necessity of working together and bridging the gap.
Member of the Committee realize that because of our economic
woes as well as structural and policy reasons, our federal
government is facing deep, short and long term deficits and
a growing national debt, that if left unchecked, will be an
overwhelming burden handed down to our children and our
children's children.
Sheila McKinney
