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Congressional Super Committee Approaches Wednesday Deadline

6:24 PM, Nov 15, 2011   |    comments
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Greensboro, NC - The Congressional super committee was intended to create the deal of all deals that would go a long way in helping our country pay down its debt.

And yet, a little over a week and a half away from the super committee's deadline for creating a plan by next Wednesday, there is still no deal.

Members of the committee include six democrats and six republicans, and the twelve are struggling to come to any sort of agreement.

As it stands, the republicans and democrats have presented two different plans. The republicans have offered a plan with $1.4 trillion in cuts, with $500 billion in new revenue and.

Democrats have rejected this plan and said it isn't balanced, and countered with their own plan offering $1 trillion in cuts and $1 trillion in new revenue.

If no deal is reached, triggers were put in place to initiate automatic cuts of 1.2 trillion, half coming from the defense budget and half coming from entitlements, like Medicare and Medicaid.

Mileah Kromer, Assistant Professor of Political Science at Elon University, says no deal could impact all of our wallets, "If a deal is not passed, the United States faces a credit crisis again, and it could have a major detrimental impact on the economy. The stock market would decline, and people will have less money to spend."

The impact will be larger than just the U.S. economy, says Kromer, "The U.S. economy is intrinsically linked to the world economy. The U.S. is not an island."

Beyond the economic impact, people are frustrated with the government's inability to compromise, "People are across the board frustrated with government. Eighty percent of Americans disapprove of the job congress is doing, and it's no wonder."

As the clock ticks down to next week, the super committee will continue to debate and try to negotiate a deal.

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