ACR NEWSLETTER

WASHINGTON UPDATE (11.21.11): Super Committee Announces Failure

The Co-Chairs of the Super Committee, Senator Patty Murray (D-WA) and Rep. Jeb Hensarling (R-TX), released the following statement moments ago:

“After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline.

Despite our inability to bridge the committee’s significant differences, we end this process united in our belief that the nation’s fiscal crisis must be addressed and that we cannot leave it for the next generation to solve.  We remain hopeful that Congress can build on this committee’s work and can find a way to tackle this issue in a way that works for the American people and our economy.

We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us. Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task.

We would also like to thank our committee staff, in particular Staff Director Mark Prater and Deputy Staff Director Sarah Kuehl, as well as each committee member’s staff for the tremendous work they contributed to this effort.  We would also like to express our sincere gratitude to Dr. Douglas Elmendorf and Mr. Thomas Barthold and their teams at the Congressional Budget Office and Joint Committee on Taxation, respectively, for the technical support they provided to the committee and its members.”

The admission of complete failure comes as a surprise here in Washington, where many had hoped for at least some sign of progress on previously-held common ground.  As you know, automatic spending cuts to Defense and other domestic programs are now set to kick in January 1st, 2013.  Part of the agreement made last August, however, provides the opportunity for Congress and the President to amend the “sequestration” process in the event of the Committee’s failure, and it is widely believed that efforts to mitigate the effects of these cuts will dominate Congressional activity in 2012

Finally, please find ACR’s press release on this issue here.