The Congressional "Super" Committee actually agrees that their
efforts to fix the federal balance sheet have failed. The only real
question is why it took them so long to come to that conclusion --
and how hard they were trying to work together in the meantime.
Here is what the partisan whips had to say:
"After months of hard work and intense deliberations, we have
come to the conclusion today that it will not be possible to make
any bipartisan agreement available to the public before the
committee's deadline," said Jeb Hensarling and Patty Murray, the
Republican and Democratic co-chairs respectively.
Really. Does it take "months of hard work" to conclude that they
cannot -- or will not -- work together?
Was it impossible to make "any" bipartisan agreement?
Are they knocking off early ahead of Thanksgiving, or where they
stalling all along?
This is a grave disappointment. The markets may not have reacted
yesterday, but if the markets still reflect the long-term health of
the U.S. economy, sooner or later this will be a negative.
Markets trade on confidence. If Republicans and Democrats cannot
work together for the common good, "politics as usual" is not
exactly a demonstration of confidence.
Let's stay long on America and get short on Congress.
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