Washington, D.C. –
In a mini-version of the recent congressional showdown over budget talks, the “SuperCommittee” formed to find a workable budget has announced that they have thus far failed to come to an agreement.
The newest proposal, a Republican action to raise taxes by $300 billion, was rejected by Democrats. Both moves seemed to be a first, and Republicans said they came off their long-held refusal on new taxes but said Democrats refused their gesture.
Democrats quickly complained it was an empty gesture because the tax hike would offset tax reductions for the rich, making the budget a net zero movement in debt savings.
The goal of the committee is to slash $1.2 trillion from the federal debt. If they fail to reach an agreement by November 23 and pass it by Christmas, the White House must begin slashing 9% from federal agencies, including the Defense Department, Social Security, Housing, Education, Labor, and others, starting in Jan 2013.
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