Super Committee deal unlikely

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James48843

James48843

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This popped up tonight- looks more and more likely that the "Super Committee" isn't going to reach a deal.
Supercommittee likely to admit defeat on debt deal

The congressional committee tasked with reducing the federal deficit is poised to admit defeat as soon as Monday, and its unfinished business will set up a year-end battle over emergency jobless benefits and an expiring payroll tax holiday.
<snip>

The panel remained gridlocked Saturday with the clock ticking toward a deadline of midnight Monday. Although the official deadline is midnight Wednesday, the committee is legally barred from voting on any plan that was not made public at least 48 hours in advance.
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Not looking good.

more:
http://www.washingtonpost.com/busin...bt-deal/2011/11/19/gIQAgtGfcN_singlePage.html
 
I thought about going 100% "G" Thursday, might have been a good idea!
 
It does seem that Kerry and Murray drew a firm line that the GOP reps consistently say they won't cross. Why they haven't simply agreed to a new marginal rate for a millionaire AGI threshold is beyond me. But the core issues about the size and role of government won't be resolved until just before the Mayan calendar end....so why would the index funds suffer anything more than a short term blip now? It seems bent on pollyanna anyway.
 
I always thought there would be no agreement. It gives both sides political cover. They don't have to agree to anything and wash their hands of deal. It doesn't go in effect for a year anyway so they have plenty of time to change it before then.
 
nnuut said:
I thought about going 100% "G" Thursday, might have been a good idea!


Yep..... Looks like a rough week shaping up, Euro bond yields rising, Super Committee deal shaky at best... Consider going All F Fund on Monday if you're not already and buckle up!
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I'm not sure how Bonds will react to all this slop sometimes the "F" does the exact opposite of what I think it should do, so if I go anywhere it will be to the LiliPad. frog%20hiccough.gif
 
The top twenty in the tracker are 50/50 equities and Bond/Cash. I wonder if any of the ten are contemplating bailing.
 
Super Committee could't do it. Sure wish I wasn't in stocks today. Everyone one of these clowns need to be voted out of office. To concerned about party and not the American people. Term limits need to be put in place now.
 
nasa1974 said:
Super Committee could't do it. Sure wish I wasn't in stocks today. Everyone one of these clowns need to be voted out of office. To concerned about party and not the American people. Term limits need to be put in place now.
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Imagine what would get accomplished if the entire congress was replaced with real people and politicians.
 
:confused: The markets do look bad, Eurozone problems, American problems. There ia a lot of gloom and doom on the horizon, for sure.
Then there is the biggest shopping day of the year, black Friday, the day after Thanksgiving Day, (American Holiday?). Which will win?
 
Is there supposed to be an announcement or press conference on the debt stupid comittittee scheduled for today?
 
Uhhhh, what's that saying? Success has a thousand fathers but failure is an orphan? What I like is that supposedly smart people are saying "If only the President had gotten involved." LOL. Ah the power of the media to shape minds.
 
Well, [Obama] has spoken. The blame lies on the Republicans for protecting the tax cuts for the wealthiest "2%." And he expects them to cooperate on preserving the tax rates for middle class Americans which are due to expire at the end of 2012. So, he's the only adult in the room. And the media are now spinning the story as directed.

Where did this 2% come from? I thought it was 1% that the media said we wanted to hit? I thought that was $380,000 Taxable Income. Two per cent may be getting personal for some on this board. Isn't the 99% the Proletariat? Is it now the 98%?
 
Last edited by a moderator:
11/21/2011 06:29 PM CST
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IMMEDIATE RELEASENo. 969-11
November 21, 2011

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[TD="colspan: 2"]
Statement by Secretary of Defense Leon E. Panetta on Supercommittee Negotiations
​
 The failure of the Congressional Supercommittee to reach an agreement on deficit reduction is a setback for the country's efforts to achieve fiscal responsibility while protecting our national security. If Congress fails to act over the next year, the Department of Defense will face devastating, automatic, across-the-board cuts that will tear a seam in the nation's defense.
Despite the danger posed by sequestration, I join the President in his call for Congress to avoid an easy way out of this crisis. Congress cannot simply turn off the sequester mechanism, but instead must pass deficit reduction at least equal to the $1.2 trillion it was charged to pass under the Budget Control Act.

In my four decades involved with public service, I have never been more concerned about the ability of Congress to forge common-sense solutions to the nation's pressing problems. Since becoming Secretary of Defense, I have made it clear that the Department has a responsibility to help the country get its fiscal house in order -- and we are doing that. I have been leading a strategy-driven effort to achieve the more than $450 billion in cuts over 10 years required by the Budget Control Act. We will move ahead with that plan.
But as Secretary of Defense, my primary responsibility is to protect the security of the nation. The half-trillion in additional cuts demanded by sequester would lead to a hollow force incapable of sustaining the missions it is assigned. If implemented, sequester would also jeopardize our ability to provide our troops and their families with the benefits and the support they have been promised. Our troops deserve better, and our nation demands better.
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U.S. Department of Defense

Office of the Assistant Secretary of Defense (Public Affairs)
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that press release just came out
 
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