The special Congressional deficit committee has come up short once again, failing to reach an agreement on resolving our nation”™s debt problems and thus leaving its future hanging in the balance.
This is becoming a tradition in Washington ”“ it is simply an issue of getting re-elected at the sake of this country.
A very serious issue.
Congressional Republicans signed a pledge ”“ the Taxpayer Protection Pledge ”“ not to raise taxes and that has bound their hands.
But both parties are at fault.
It would appear a number of our congressional representatives are more interested in getting re-elected than serving the needs of our nation.
In a Nov. 20 segment on “60 Minutes,” Christine Lagarde, the new head of the International Monetary Fund, was asked: If you look at the U.S., what are you most worried about here?
“Political bickering,” Lagarde said. “Certainly I would hope that on a bipartisan basis both Democrats and Republicans can come to terms in their super committee, about the deficit objectives and the deficit cutting measures and the debt. And there is a degree of certainty that is so much needed for markets.”
While business people are struggling immensely and citizens are trying to hang onto their savings, congressional members cannot come to a compromise. Taxpayers pay the price ”“ a hefty one. In the wake of their failure to act, the market took a dive ”“ further eroding already weakened 401(k)s.
All eyes ”“ here and worldwide ”“ were watching to see if the committee could come up with a solution. And again, the U.S. was held up to embarrassment on a global basis.
The gridlock in Washington also affects the economy in understated ways. The lack of progress adds to uncertainty, and that”™s damaging.
“Business people are very upset,” Pete Gioia, CBIA”™s vice president and economist, told us. “They don”™t understand why Washington politicians can”™t compromise, find common ground and make decisions.”
This hurts confidence, he said. And without confidence, businesses aren”™t likely to invest and create jobs.
What”™s most frustrating to the business community is the feeling that politicians ”“ from Washington down to their elected officials ”“ either don”™t get it or don”™t give a damn.
Where were their local reps as all of this was unfolding?
The Business Journal caught up with U.S. Rep. Jim Himes, D-4th District.
“With respect to my own record, I was the one member of the Connecticut delegation who voted for the Budget Control Act in early August which found $1 trillion in savings and established the super committee. I”™m enormously disappointed that they have failed to reach an agreement.
“I spent the time while the super committee was working ”¦ urging (them) to do a $4 trillion deal and put everything on the table. ”¦ I must tell you I”™m a little surprised. I thought these were reasonable people willing to take some risks for a pragmatic solution. But the extremes and the people who are not interested in a deal, I guess they won this round.”
Now, he said, it”™s time to go back to the drawing board.
It”™s time to stop the nonsense. Our country is being held up to ridicule.
Forget the politics and re-elections. The country must come first. The people must come first.
