When Will the Super Committee Start Making Super Progress?
The recent articles we’ve been reading about the progress being made by the congressional deficit reduction committee—AKA the Super Committee—are not promising. Apparently, half of the committee members are meeting without the other half in order to address the biggest stumbling block, which is taxes, of course. And Steny Hoyer, the no. 2 Democrat in the House, has said that it’s possible for the deadline on the Super Committee could be extended.
Extended?! We thought the whole idea of the Super Committee was to establish a goal, a deadline for completion, and a bitter pill to be swallowed by all should the deadline and goal not be met. We’ll stay out of the cut-spending-vs.-increase-revenue issues involved in this debate. But we think we speak for many small business owners when we say it’s time for BIPARTISAN decisions to be reached. Concerns about what’s going to come out of the process are beginning to pale in comparison to the lack of confidence engendered by the general feeling that NOTHING can come out of a process in which both sides value their political survival more highly than their constituents’ financial survival.
A little good news was spread by the 40 House Republicans and 60 House Democrats who said recently that the committee should consider additional revenue along with spending cuts as part of a deal to reduce deficits by $4 trillion over 10 years. Maybe this will help ease the logjam.
Simply stated, this stalemate is harmful to business. We hope it ends soon.