Super Committee Deadline Nears - November 15, 2011

The Joint Select Committee on Deficit Reduction (also referred to as the super committee) continues to deliberate, though this week is their final week of negotiations. The committee has a Nov. 23 deadline, but will need to submit its proposal by Nov. 21 to the Congressional Budget Office (CBO) to provide enough time for CBO to score the proposal’s savings and impact on the deficit. Observers concede that with only a week left, the super committee may not come to an agreement in time. If the committee is unable to find the $1.2 trillion in cuts, automatic across-the-board cuts will be triggered with sequestration. There has been discussion that Congress may reconfigure the cuts made by the sequestration before they go into effect in 2013.