Monday 24 October 2011

What if the Supper-Committee fails?

Comments from Jenna Orkin and Mike Ruppert

“Good Moooooorning, Vietnam.  (If you're too young to remember what that's an allusion to, google it.)  Brace yourselves for some "automatic" cuts:
"While Medicare benefits would be spared from the automatic cuts, payments to hospitals and other health-care providers would be reduced...
"Farm price supports, food safety, education, foreign aid, public safety, and law enforcement budgets would all be hit with across-the-board spending cuts, as would low-income housing and energy assistance, and other government functions...
"The top Democrat on the House Appropriations Committee, Representative Norm Dicks (D.-Wash.), warned that automatic cuts would force reductions at the Commodity Futures Trading Commission and the Security Exchange Commission that would make it hard for those agencies to enforce rules and investigate fraud." 
- JO
There is also a possibility that cannot be ignored here. The Super Committee is not reaching deals because they also know that that a major crash is imminent before the middle of November. It is also possible that they have much more Draconian legislation already in the can and drafted, like the Patriot Act was and waiting in the wings. “– MCR

What Happens If the US 'Super Committee' Fails?

21 OCTOBER, 2011

The deadline for the U.S. congressional "super committee" to produce a deficit-cutting plan is just a few weeks away with no clear sign the panel will overcome partisan differences and succeed.

The legislation that established the panel of six Democrats and six Republicans also put in place an enforcement mechanism that will trigger automatic cuts if the committee fails to reach agreement on $1.2 trillion in budget savings over 10 years.

Triggers would also would kick in if the super committee plan is rejected by Congress, if President Barack Obama vetoes it, or if the panel presents only a partial deal.

For article GO HERE

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