November 12, 2011
Will Obama really insist on debt triggers if supercommittee fails?
President Obama warned congress that he would insist on activating the debt triggers that would lead to automatic budget cuts across the board if the supercommittee fails to find the cuts mandated under the debt ceiling agreement from last summer. Washington Post: President Obama called the Democratic and Republican chairmen of Congress's special deficit reduction supercommittee Friday and urged them to reach a deal, as the panel's deadline for agreeing on a strategy to slash the nation's debt rapidly approaches. In separate phone calls, Obama urged Sen. Patty Murray (D-Wash.) and Rep. Jeb Hensarling (R-Tex.) to find a way to steer the 12-member bipartisan panel to an agreement, the White House said. But he also carried another message: Congress should not undo the painful consequences for failing to reach a deal that were agreed to when the supercommittee was created in the August debt deal. According to that agreement, if the committee of six senators and six representatives...(Read Full Post)