The Supercommittee Spectacle: A Short History of the Deficit Wars

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http://www.theatlantic.com/business/archive/2011/11/the-supercommittee-spectacle-a-short-history-of-the-deficit-wars/248578/

The congressional "supercommittee" created in August to cut the deficit is six days away from failing and triggering a deep and automatic $1.2 trillion cut to defense and domestic programs. The primary reason for this stalemate is that Republicans have refused tax increases and additional stimulus; although Democrats have also resisted deep cuts to entitlement programs like Medicare and Social Security.

The impending collapse of the deficit-reduction group isn't an isolated failure. It's the latest chapter in a two-year saga on Capitol Hill that has consistently, inevitably, produced nothing that resembles long-term fiscal reform.

Here is a short history of the Deficit Wars of 2009-2011. Two years ago, in December 2009, Sens. Judd Gregg (R) and Kent Conrad (D)* proposed a bill to create a commission to reduce the deficit. But Democrats worried the commission would cut entitlements; meanwhile, the GOP was concerned that the commission would raise taxes. So in January 2010, the bill was voted down by a group of senators that included several Republicans who initially cosponsored the bill.

In February, President Obama created his own deficit commission, co-chaired by Alan Simpson and Erskine Bowles, by executive order. In December, the commission released its final report. It fell short of the supermajority needed to send its recommendations to Congress for a vote.