Bluffton, S.C. Republican presidential candidate Newt Gingrich called plans to sequester $600 billion from the defense budget “totally destructive” and “very dangerous to the survival of the country.” The cuts, scheduled to begin in 2013, will automatically occur because of the supercommittee’s inability to cut $1.2 trillion over the next ten years from the federal budget.
Greece and Italy may be ungovernable, but America is ungoverned. The president ducked out of the country for an Asian tour while the supercommittee tried to reach agreement on a plan to cut the deficit.
The failure of the supercommittee marks a good time to highlight just how out of control our federal spending really is. To see the matter in a clearer light, let’s leave aside all disputes over tax revenues for the time being, and focus purely on spending.
Masscahusetts senator John Kerry admitted today that allowing the Bush tax cuts to expire will result in a "major tax increase." Kerry is a member of the so-called supercommittee.
"You're guaranteed, unless it's changed, a major tax increase on January 1st, 2013, when the Bush tax cuts expire," Kerry said this morning on MSNBC's Morning Joe. Watch the video below:
At National Review Online, Rich Lowry reports that Democrats on the Joint Select Committee on Deficit Reduction (aka the supercommittee) rejected a potential compromise last night:
There are three sorts of economic news: good, hinting that a recovery might be around the corner; ambiguous, perhaps hinting that a double dip is unlikely; and bad.
The American Enterprise Institute, the Foreign Policy Initiative, and the Heritage Foundation are holding an event on Capitol Hill tomorrow called "Defense Spending and the Super Committee." The all star lineup includes the boss, Tom Donnelly, Senator Kelly Ayotte, Senator Lindsey Graham, Senator Jon Kyl, and Rep.
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