If Americans were expecting an outcome from the deliberations of the Congressional panel called the debt reduction supercommittee that is as impressive as its name, they will likely be disappointed when the Thanksgiving deadline arrives.
The 12-member committee, established under a summer budget and debt pact made between President Barack Obama and House Speaker John Boehner (R-Ohio), has for most of its existence been stalemated as the lawmakers quarrel over where they can find $1.2 trillion to cut from the Federal budget over the next decade.
Reports indicate that disagreement may not be the only thing impeding the supercommittee. If the members are unable to come to an agreement by their deadline, nothing will really happen. Automatic spending cuts were put in place to create a sense of urgency in the budget debate, but those do not take effect until 2013, according to The Washington Post. That means lawmakers have a full year to come up with an alternate plan. In past months, the threat of chaotic government shutdowns has been the only thing to spark urgent Congressional budget action.
If the Thanksgiving deadline is not met, lawmakers will likely avoid working on a debt-reduction deal until after the November 2012 elections.