The Clock is Ticking Towards November 23, Just Four Weeks Away

Although it is unlikely the joint select Supercommitte will ever agree on spending cuts, division on taxes and revenue spending are far too great, US Congress under the Budget Control Act of 2011 asked the committee to recommend spending limits by November 23rd. Such spending recommendation will then be voted on by the U.S. Congress on or before December 23rd of this year.

Any chance of passing through a divided Congress appears also unlikely. The Defense Secretary already stated his opposition to any defense cuts – at a time when program costs for the F-35 exceed flyaway cost’s of over $130 million for a single aircraft, when flyaway cost’s for a single F-22 fighter exceed $150 million.

Ultimately, with the Supercommittee failing to agree on spending cuts, followed by a majority vote in Congress on same, automatic spending cuts are supposed to kick in on various deficit reduction programs. But even here, it is hard to see of either House or Senate reaching a joint agreement on how to cut spending without tasking entitlement programs like Medicaid, Medicare and Defense programs in spending reductions.

Also, a mere week later, on or about November 30 to December 1, the national debt with reach $15 trillion. It will serve as a reminder to everyone how spending by the U.S. government simply went out of control, like there is no limit. A $15 trillion national debt might hopefully serve as the catalyst to Washington’s politicians, they have to slice spending regardless how tough that might be.

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