Once again our national leaders lack the courage to make a decision. They are “kicking the can down the road”. The Revised Budget Control Act of 2011 raised the debt ceiling by $900 billion now, with another $1.5 trillion later this year .A 12-member Super Committee of Congress has been empowered to identify potential reductions in government spending – that must be presented to Congress by the day before Thanksgiving.
This Super Committee scoring will begin from a current baseline, and would have to raise taxes by more than $3.5 trillion before it would begin to count as “deficit reduction.” The Congressional Budget Office assumes that the Bush tax cuts won’t be renewed, meaning there will be an automatic tax increase of $3.5 trillion that the Committee won’t be allowed to count in their recommendations
The words “tax increase” are never used anymore, but the effect is the same. Taxpayers are in for an unhappy surprise come November 23 when the Super Committee comes forth with tax increases and there is no opportunity to amend them. Speaker John Boehner’s statement that no taxes are possible is a falsehood. This is a flim-flam, because any budget cuts will be ten years out while the taxes start now and the deficit keeps growing at $1 trillion plus a year for the foreseeable future.
For God so loved the world that He didn’t send a Committee