'Super Congress': Debt Ceiling Negotiators Aim To Create New Legislative Body - By Ryan Grim (26/7/11) PDF Print E-mail
Ryan Grim   
Tuesday, 26 July 2011 09:37

WASHINGTON -- Debt ceiling negotiators think they've hit on a solution to address the debt ceiling impasse and the public's unwillingness to let go of benefits such as Medicare and Social Security that have been earned over a lifetime of work: Create a new Congress.

This "Super Congress," composed of members of both chambers and both parties, isn't mentioned anywhere in the Constitution, but would be granted extraordinary new powers. Under a plan put forth by Senate Minority Leader Mitch McConnell (R-Ky.) and his counterpart Majority Leader Harry Reid (D-Nev.), legislation to lift the debt ceiling would be accompanied by the creation of a 12-member panel made up of 12 lawmakers -- six from each chamber and six from each party.

Legislation approved by the Super Congress -- which some on Capitol Hill are calling the "super committee" -- would then be fast-tracked through both chambers, where it couldn't be amended by simple, regular lawmakers, who'd have the ability only to cast an up or down vote. With the weight of both leaderships behind it, a product originated by the Super Congress would have a strong chance of moving through the little Congress and quickly becoming law. A Super Congress would be less accountable than the system that exists today, and would find it easier to strip the public of popular benefits. Negotiators are currently considering cutting the mortgage deduction and tax credits for retirement savings, for instance, extremely popular policies that would be difficult to slice up using the traditional legislative process.



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Last Updated on Wednesday, 27 July 2011 21:15
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Economy Faces A Jolt As Benefit Checks Run Out - By Motoko Rich (26/7/11) PDF Print E-mail
Motoko Rich   
Tuesday, 26 July 2011 09:34

An extraordinary amount of personal income is coming directly from the government.

Close to $2 of every $10 that went into Americans’ wallets last year were payments like jobless benefits, food stamps, Social Security and disability, according to an analysis by Moody’s Analytics. In states hit hard by the downturn, like Arizona, Florida, Michigan and Ohio, residents derived even more of their income from the government.

By the end of this year, however, many of those dollars are going to disappear, with the expiration of extended benefits intended to help people cope with the lingering effects of the recession. Moody’s Analytics estimates $37 billion will be drained from the nation’s pocketbooks this year.

In terms of economic impact, that is slightly less than the spending cuts Congress enacted to keep the government financed through September, averting a shutdown.



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Last Updated on Wednesday, 27 July 2011 21:16
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The Eye Popping Fed Audit - By Bernie Sanders (25/7/11) PDF Print E-mail
Bernie Sanders   
Sunday, 24 July 2011 19:46

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GAO's Federal Reserve System - Opportunities Exist To Strengthen Policies And Processes For Managing Emergency Assistance (25/7/11) PDF Print E-mail
Administrator   
Sunday, 24 July 2011 19:37

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Hutt's Crushing Blow To Keynes - By Hunter Lewis (25/7/11) PDF Print E-mail
Hunter Lewis   
Sunday, 24 July 2011 19:34

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