Wednesday, October 26, 2011

Debt supercommittee starts gearing up for recriminations

You know there was a brief moment when the supercommittee was meeting in secret that I thought maybe they'd come out with a workable plan to reduce our enormous national debt.  I figured that maybe by segregating itself from the glare of the media and the influence of Congressional leaders, they'd reach a bargain to stem the tide of red ink, hopefully with spending cuts which are more effective in reducing debt.

But now time is nearly up leaving virtually no time for the CBO to score any proposal:
The Congressional Budget Office has previously said it would need to receive the outline of a plan by the end of October if it is to be scored before the committee’s November deadline. That would suggest that Hensarling’s remarks Tuesday morning may have been a tad optimistic.
 Soon comes the finger-pointing, grandstanding, inaction, and downgrade.

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