Transcript for Supercommittee Failure?
No joy in official Washington this morning it looks like the much -- -- committee has struck out. Yes some precious time remains but not much hope at this point. So what will that mean for America's economy and his politics let's bring back our roundtable began Georgia would never be found -- the -- the committee. Even if it sales -- -- doesn't -- what is is or say about what's happening here. Says we haven't we what we need is not a big committee we need a big election sort of somehow what was supposed to propel the committee to success was fear of the sequester. But look at the sequester. One point two trillion dollars over the next ten years during which the Congressional Budget Office projects we will have 44. Trillion dollars of budget so -- one point two trillion. From 44 seconds. Even if the sequestered. Takes hold in 2013. 2013. Spending will be a third larger than it was in 2007 to six years ago. I actually I agree with George a lot of this -- not that the sequestration this is trivial but still relatively -- is yet the automatic cuts if you actually look relative to the things that there are in the firing line it's. It's a lot bigger than acts -- pretty serious but it's. -- -- It happens while we are another's company happening. We don't know the automatic -- -- get it -- is January 2013 we will be in a different political universe. Either president Gingrich will be doing something to war reelected President Obama and reinstall speaker Pelosi will be doing something -- anything can happen here. This was and the super committee was just terribly cute from the beginning -- -- -- Christiane I think I think there's -- you know the bigger thing here which the American -- watching this on go on -- Sunday going in the Thanksgiving -- happy Thanksgiving you know as we move into that holiday. The American public is out there families are gathering their driving across the country -- taken their bicycles are flying across the country gather at a table. We the super committee has not met as a whole since November 1 they can even walk across the hall. While the American public is trying to celebrate Thanksgiving around the country to solve this problem and so we have the country watches this. Failure of our institutions they watch Penn State which is and other institutions that they've seen complete failure. And -- -- in advance that knowledge -- super committee. Six members and in fact can't seem to even meet in the course of this to solve this problem -- jiving but it very very upset secretary of defense was part of those automatic cuts will be defense I just want to put out -- -- their defense Leon Panetta. Has said. He basically said I read it is the -- -- in congress I urge this committee suck it up do what's right for the country we elect them to Dublin. That involves risks that involves tough choices but that's what democracy is all about. He sounds so frustrated that it even -- paint off. On some of his own party's sacred yeah. -- -- -- look the super committee is over it has broken down. Nothing is going to happen here will have to. Happened to address so this look it broke down over classic Democrats Republicans spending taxes we know with the issues -- some people. Tried to make compromise it didn't work it didn't work mostly in my view. -- -- -- Because the president never gotten involved in this he never pushed it forward he could've had a big psychological effect there were moments where they came close. The president's stiffed his own Defense Secretary. Who said sequestering essentially what -- what. We're trying to do and you got one doesn't look as saying that it wouldn't have done anything at that point is the GOP content of this. With the view that we have a terrible deficit problem and in -- with that deficit problem. We must maintain tax rates on the wealthy -- pretty close to their lowest in years. This is not this is you're not gonna have a deal under. -- ice axes because it to me the most conservative on the subcommittee did come out with a lot of revenue is this. So now an internal debates in the Republican buddies is the ship's officers and let them know that help that we. Have here is Democrats on one side say say you can't cut any expenditures during account kind of economic turmoil that's -- Democrats and their economic theory is based on that. Republicans economic theories based on the fact that you can't cut you can't raise taxes at a time of economic turmoil. Two people with a huge gulf in between. Both of which are operating on. Things that are not historically true you can cut expenditures during an economic problem and you can't -- that doctor -- in our problem that's the. Authorities say you're you're totally wrong and I think we have a long term deficit problem part of the problems this got framed in terms of short from austerity. And so actually I celebrate the fact that this committee has not reached an agreement because that would go to -- Bowles Simpson commission the president called into existence and then ignore recommend that the package that had 30%. Deficit reduction through new revenues and 70% through cuts to -- proposal was -- 4%. Through revenue and 76%. Through cuts very similar to Bowles Simpson. And the Democrats ignored so don't. Being shifted so the Republicans when it comes to this killers who have significant shift -- -- -- absolutely new -- ugandans are on the table it's certainly is a particularly from somebody -- from somebody like Pat Toomey. But in -- -- we speak to Matt's point. People are looking at this I think and they're gonna see two things one has. -- this feels like Greece two years ago. This is -- country that is not able even a small way one point two trillion at a 44. To make a little step forward it makes the government look bad it it it's it's just. -- and we -- nobody wins and that the president loses and asked Democrats in congress losing us. The Republicans in congress was in this and the country but -- faded to happen. This was just a terrible idea which is it's horribly tragic yes it's a political issue the question is not technically should not small compromise. We we have to make a decision about what kind of country and be. And that's something that he's Paris open that's it -- even an option how would become and he won't I think it will be you know because we'll have at least some direction we'll know which wavered. We -- we public wants -- probably had some direction for years ago we thought we get some direction eight years ago we thought we had some direction ten years ago every time the country -- say I don't like what you guys are doing it together work the problem out the country goes back and asked congress goes back in the cold -- atmosphere doesn't have a couple years fine because austerity in the -- of an economic slump the bad idea. This is a transaction cost of democracy it's untidy courses and that's supposed to be that way. The congress far from being dysfunctional was functioning as the representative. Institution represented in a country. That is of two minds about -- government.
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