Super Committee Braces For Failure, Preps For Fallout

Democrats and Republicans are gearing up for a political showdown following the seemingly inevitable collapse of super committee negotiations.

Though the 12-member panel technically has until Wednesday to reach an agreement on a deficit-reduction package, a potential deal must first be reviewed by the Congressional Budget Office and be made available to the committee for two days prior to a vote, making Monday the effective deadline.

Democratic and Republican members of the super committee took to the airwaves over the weekend to prepare the nation and Congress with an approaching truth; the bipartisan, bicameral unit has failed to reach an agreement.

“From the Democratic side, it was the same thing. Raise taxes, pass the presidnet’s jobs bill, no entitlement reform,” said Sen. Jon Kyl (R-Ariz.) on NBC’s “Meet the Press. “On the Republican side, you had the one true breakthrough and that was this new concept of tax reform which could generate revenue from upper brackets.”

Democratic Sen. Xavier Becerra (Calif.) countered on “Fox News Sunday,” arguing that the concession made by Republicans on revenues was of little significance.

“Remember, we have 1,400 multimillionaires in this country who didn’t pay a single bit of income taxes in 2009. Why should they escape participation when we’re akin seniors to help cover the costs of deficits… that the didn’t even cause?” he said.

Aides close to the negotiations admit that, as unlikely as it may be, a last minute deal could still make its way to the CBO before the end of the day.

“I’m at the table,” said Sen. Patty Murray (D-Wash.) on CNN’s “State of the Union.” “I want to solve this. I know Americans want us to solve this. I remain hopeful that someone on the other side will say, this is too important to fail.”

Despite the potential for a last ditch effort to reach an agreement, partisan finger pointing has already begun within the 12-member panel as Democrats blame Republicans for digging their heels in the ground on taxes and Republicans have charged Democrats with being unwilling to put entitlements on the table.

“On the other side, there was an insistence that we have a trillion-dollar tax increase [and] and unwillingness to cut any kind of spending at all unless there was a huge tax increase,” said Sen. Pat Toomey (R-Pa.) on CBS’ “Face the Nation.”

If, in fact, the super committee does announce failure Monday, a series of automatic cuts would shed $1.2 trillion from the deficit over ten years which includes a big chunk from defense spending. Republicans will attempt to alter the required cuts so as to lessen the impact on the nation’s defense system, but according to reports, Democrats will block this move unless the GOP allows the Bush-era tax cuts to expire for the wealthiest Americans.

Baby Boomers Hit Retirement Age

By Courtney Costello- Talk Radio News Service

Volunteers of America hosted a discussion today on the baby boomer generation’s affect on the future of health care and Social Security.

America is at a turning point, where the oldest baby boomers will be 65 in the next two years. By 2030 there will be an estimated 71 million seniors in comparison to the current 37 million seniors, said Donna Brazile, Democratic political strategist and moderator at the discussion.

Baby Boomers were born between the years 1946 to 1964 and it is estimated that there were 77 million babies born within these years.
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Said Brazile, “We have to re-think the way that we deliver care for our nation’s older Americans in the future.”

Tom Daschle, former Senate Majority Leader, said, “Clearly cost is an issue that we have to address...we also need to bring everyone under the system resulting in coverage for all... many Americans are underinsured [and] 48% of the people who have insurance don’t have the care they need today.”

Today, one of the biggest health concerns for seniors in this country is Alzheimer’s, and with more research, more positive outcomes can be expected.

“If you could imagine a world without Alzheimer's by 2030, you have changed for probably half the baby boomers the trajectory of their life, and you have changed for their children a great deal of the trajectory of their lives,” said former House Speaker Newt Gingrich.

On the issue of the future of Social Security, author and anthropologist Mary Catherine Bateson said, “trust in the system is urgent to reassure people that social security will be there.”

“The earlier we find a way to migrate towards some kind of compound [social security] interest model, where you know what you have invested, and you get back the compound interest effect for 50-55 years of work...remember people will work longer in the next generation, not shorter.” said Gingrich.

85 % of Americans expect long term care to be a part of health care reform... It requires Presidential leadership, said the panel.