Tag Archives: congress

do-nothing

Do Nothing?

According to a recent Washington Post article, Congress and the Super-committee could best serve the country by doing exactly what they have been doing best.

NOTHING!

If Congress simply fails to act between now and Jan. 1, 2013, the tax cuts passed under President George W. Bush expire, $1.2 trillion in additional budget cuts go through under the terms of last summer’s debt-ceiling deal, and a variety of other tax cuts also go away.

The sum total of all cuts and expiring legislation equals approximately $7.1 Trillion dollars!

Championed early this year in the New Republic by New York magazine writer Jonathan Chait, it looks even better now because of the spending cuts scheduled to go through if the super-committee doesn’t act.

Of course Congress will probably manage to mess even this strategy up by devising some sort of compromise that puts off the big decisions for another day, and, another congress. They could agree in principle pending further review and side step the freight train budget deadline of November 23rd. and smile and wave (point fingers) as it whooshes on by.