The country was once again witnessing a brand new deadlock in the negotiations by the "Super Committee" that was set up soon after the breakdown of the debt ceiling debates, to find ways and means to formulate a genuine deficit reduction.
The committee meeting behind closed doors, and its proceedings must be secret, to strike a deal to reduce the Federal Deficit by $1.3 trillion dollars, has sprung a leak, that the Democratic members have put a proposal on the table that would go beyond the envisaged amount, and to make it $3 trillion dollars instead.
However, it contained raising taxes as part of the deal, but the Republican members have got nothing to do with it. They have rejected the idea outright, which would mean that any type of an agreement would not be possible, due to ideological differences.
Medicare and Medicaid would be slashed effectively, leaving a balance of about $1.2 trillion dollars, which could come from tax revenues, but the Republicans would not have anything to do with such a proposal.
News reports were saying that was similar to what President Barack Obama and Speaker John Boehner of the United States Congress were discussing during the debt ceiling and deficit reduction talks, but there too, there was no "meeting of the minds".
Meanwhile, the notion that the committee would not be able to achieve its objective and to reach a compromise haunted the minds of citizens that the worse was yet to come, in that the committee's deadline of November 23rd to reach an agreement was fast approaching.
The result of that would be the across the board "trigger" cuts would go into effect, which were not good. The idea of automatically cutting the deficit would be totally negative.
It would not just be the social entitlement programs that would be hit hard, but also, as argued by Defense Secretary Leon Panetta, it would cause much concern in regard to the defense budget. Most military experts agreed that must not be allowed to happen, as America's National security could be jeopardized in some way.
Yet, the committee, whose proceedings were being held in strict privacy, was looking like it would fail to corral support for an agreement; and that would be devastating for the whole country.
It would make much sense that, if entitlements like Social Security, Medicare and Medicaid were being considered for cuts, so should other avenues be exploited to make up for the difference. Raising taxes was one of such avenues that must be taken into consideration.
It is true that the country's economy is staggering on the edge of a double recession, and the unemployment level is too high, going into a presidential election. Therefore, something must be done to avoid a situation in which voters can only vote on just two issues, the economy and unemployment.
There are other issues, like education and the environment, border control and National security, etc. All must be taken into account.
So, to stop the rich and the affluent from paying their fair share in taxes must not be an option, but that is what the Republicans are insisting on; and that in a slow economy, taxes must be ruled out.
If they only would put partisan politics aside, the Super Committee will reach their goal, which will be a consensus that the whole nation will approve.
This blog backs nobody, party or ideology; and the only fact is that America must not be held in a political stranglehold, as the country is witnessing now.
What has become of Americans these days, that they cannot get an agreement on any kind of issue?
That must change, for if they are going to wait too long, the nation will become like Greece, with stone throwing and arson taking place, day in and day out. Phew, what a country?
Thursday, October 27, 2011
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment