Personal conflicts and the inability to talk also block American politics. The commission made up of 12 deputies and senators from both the Democratic and Republican parties does not seem to have led to the desired results. The super-committee was created last August 2 by the Budget law, the provision that had raised the debt ceiling to 400 billion dollars, avoiding the default of the United States. His goal was to find alternative solutions supported by a majority of MPs for cut the US deficit by at least 1.200 trillion dollars over the next ten years. But the deadline to launch the plan is Wednesday November 23 and by law the text must be delivered to Congress at least two days before. So today.
From the statements of several members of the commission on the NBC screens, it seems that the US senators and deputies have not been able to find a solution. The major differences concern theraising taxes. Democrats are in favor of a tax increase on annual incomes above one million dollars, while Republicans continue to oppose and propose different solutions. These include reductions in spending on health and social security, i.e. the Madicaid, Medicare and Social Security systems.
Another node on which the two sides oppose each other is the future of tax cuts passed by Bush in 2001 and 2003 which will expire at the end of 2012. The exponents of both parties agree on their renewal, but the Democrats want to limit the renewal to the middle class.
It is likely to be expected that both co-chairs of the commission will today announce defeat by leaving the difficult task to the White House. But this could cause more than one complication. First of all, in the event of no agreement, i automatic $1.200 trillion cuts in government spending, which foresee a net cut of 600 billion dollars al Pentagon. Furthermore, it is uncertain how the markets will react and some analysts forecast scenarios so negative as to cause a further cut in the rating, after that of this summer which had already dropped the triple A of the USA to AA+.
