Super Committee Failure Threatens Tax Breaks In United States
The White House and leaders in Congress thought by empowering a group of people to bypass the Congressional Quagmire that is the Washington DC structure, that they might be about to build a bargain that would cut Social Security & Medicare while raising taxes on the wealthy and cutting defense.
Sources familiar with the ‘Deal’ have been stating for weeks that they committee was at a deadlock, mostly over what to do with the Bush Tax cuts for the wealthy. Democrats want them to expire before they will consider cuts to entitlement programs. Republicans have been insistent that they want to lowering those tax rates even further to spur employment growth.
Throughout the whole ordeal, the super committee has held strong reasoning on why there has been no agreement on any deal, and that one doesn’t seem to be in the near future.