Republicans’ Latest Super Committee Offer is a 181:1 Ratio of Spending Cuts to Tax Increases

By: David Dayen Friday November 18, 2011 3:20 pm

Republicans apparently just submitted a last-ditch effort to get agreement on the Super Committee. It was a $545 billion proposal, less than half of the minimum requirement to avoid all of the automatic trigger cuts. And it included $3 billion in tax increases.

For those of you scoring at home, that’s a ratio of about 181:1.

Democrats rejected it.

Super Committee Staggers to Finish Line

By: David Dayen Friday November 18, 2011 7:45 am

The deadline for the Super Committee to complete its recommendations for deficit reduction is Wednesday, November 23. Realistically, they’ve already passed that deadline, because any agreement must go to the Congressional Budget Office for scoring. I guess Monday is the real deadline for that scoring process. So they plan to work through the weekend to try and salvage something. Considering how things have gone in the previous several weeks, I don’t think the last few days will amount to much.

On CNBC, Hensarling Talks Down Deal on Super Committee He Co-Chairs

By: David Dayen Wednesday November 16, 2011 9:17 am

An article planted by Republican operatives looking to absolve their party of blame for failure on the Super Committee suggests that the rank and file are being persuaded to accept tax increases as part of an overall deal. The entire premise of the article is wrong, because it posits as a “tax increase” a deal that would cut taxes by $3.3 trillion

Only 6 Percent of Americans Call Deficit Most Important Problem

By: Jon Walker Monday November 14, 2011 12:15 pm

A new Gallup poll shows Americans most concerned about jobs and the economy, but only 6 percent think the federal budget deficit is the most import concern. This huge disconnect between what Americans care about and what Congress is focus on contributes to the low esteem in which Americans hold the current Congress.

Obama Warns Catfood Commission Co-Chairs Not to Mess with Trigger

By: David Dayen Saturday November 12, 2011 7:07 pm

So this is interesting. President Obama did a set of phone calls today with Patty Murray and Jeb Hensarling, the co-chairs of the Super Committee. It included the usual platitudes about reaching a deal, a balanced approach, etc. Everything Obama has said a hundred times before. This was new, however, and I assume precipitated by the chatter that the trigger will never be pulled, that Congress will find a way to back out of the cuts, particularly the defense cuts.

Administration Plans All-Out Push to Extend Payroll Tax Holiday

By: David Dayen Friday November 11, 2011 11:30 am

With the small fry measures in the American Jobs Act almost out of the way, the debate turns to the largest measures in the bill, particularly the payroll tax cut. While this is another example of a tax expenditure, at least this one goes to the working poor as well as everyone else, and it generally acts as a 2% wage increase in paychecks, which for the worker making the median income means $1,000 a year. There are valid concerns about how this impacts the Social Security Trust Fund, but the consensus take is that a fragile economy cannot afford to pull back on this boost to discretionary income, which will have an impact on consumer spending and the broader economy.

Sam Stein reports that the Obama Administration plans to make a federal case out of this over the next month.

Super Committee Dems Again Offer to Cut Medicare Benefits

By: Jon Walker Thursday November 10, 2011 12:20 pm

The Democrats on the Super Committee, in their efforts to reach an deal with Republicans, have offered a new deficit reduction package and just like their last offer this one also contains cuts to Medicare benefits.

Two Days After Promising Constituents on the Safety Net, Durbin Says Democrats Must “Talk About Entitlement Reform”

By: David Dayen Wednesday November 9, 2011 2:05 pm

A couple days ago, Dick Durbin was confronted by constituents in Illinois and forced to take a position assuring protection of Medicare, Social Security and Medicaid. Two days later, he offered to put “entitlements” on the table in exchange for phony GOP tax proposals that benefit the rich.

Another Occupy Wall Street Win: Super Committee Quietly Failing

By: David Dayen Tuesday November 8, 2011 8:15 am

The Occupy Wall Street movement has succeeded in changing the focus of Washington’s economic attention from deficit and debts to questions of economic justice and jobs. The President’s pivot to jobs hasn’t gotten a single jobs bill through Congress, but the changed conversation has killed the momentum of the Super Committee and created predictions of its failure.

Reversing the Trigger Moving Forward Faster than Any Bipartisan Deficit Deal

By: David Dayen Sunday November 6, 2011 6:45 am

You will be stunned to know that Democrats and Republicans are having trouble reaching consensus with less than three weeks to go until the Super Committee needs to make recommendations on deficit reduction.

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