With the deadline quickly approaching, Congressional members of the “super committee” are barely making progress towards a $1.2 trillion budget cutting plan. According to an Associated Press article, the hang up comes from what to do about taxes. Democrats have proposed a plan which would cut $3 trillion from the deficit over ten years; however, they want $1.3 trillion to come from new taxes.
Republicans on the committee countered that proposal with a $2.2 trillion plan. Slightly less than that offered by their Democrat colleagues, but this plan would not raise taxes. The 12-member panel has until November 23rd to reach an agreement that will then be presented to both chambers of Congress for an up or down vote.
