Deficit Reduction Committee's Impossible Mission!
In a little over a 100 day time period the Deficit Reduction Committee must vote on a plan to reduce the deficit by $1.5 trillion. If we want this done in a rational manner, more time is needed..
- August 16, 2011: Deadline for Members of the Deficit Reduction Committee (DRC) to be appointed.
- September 16, 2011: Date by which the DRC must hold its first meeting.
- September 22, 2011: Deadline for Congress to consider a resolution of disapproval for first part of debt limit increase.
- October 14, 2011: Deadline for House and Senate committees to submit recommendations to the DRC.
- November 23, 2011: Deadline for the DRC to vote on a plan with the goal of $1.5 trillion in deficit reduction.
- December 2, 2011: Deadline for the DRC to submit report and legislative language to the President and Congress.
- December 23, 2011: Deadline for the House/Senate to vote on the DRC’s bill.
- December 31, 2011: Date in which both houses of Congress must vote on a Balanced Budget Amendment
- January 15, 2012: Date that the “trigger” leading to $1.2 trillion of future spending cuts goes into effect, if the DRC’s legislation has not been enacted.
- February/March 2012: Sometime in this period is the deadline for Congress to consider a resolution of disapproval for the second increase ($1.2-$1.5 trillion) in debt limit.
- Fall/Winter 2012: The additional $2.1-$2.4 trillion of borrowing authority from this law runs out.
- January 2, 2013: OMB orders cuts for defense and non-defense categories of spending necessary to meet spending reductions required by the “trigger.”
As a result of bribes, excuse me I meant campaign contributions by lobbyists, the only financial winners as a result of this committee will be its' members.