Many people are skeptical about the “supercommittee” that has been given a statutory mandate to solve the nation’s grim fiscal outlook.
Inside and outside the Washington Beltway, it is noted that recommendations from prior commissions on the debt and deficits have failed to become law.
So there is a strong incentive for lawmakers to strike the “grand bargain” that eluded President Obama and GOP leaders in Congress last month.
Yet there are daunting obstacles.
One is the make-up of the supercommittee.
Senate Majority Leader Harry ReidHarry ReidRyan says Trump, GOP 'in complete sync' on ObamaCare Congress has a mandate to repeal ObamaCare Keith Ellison picks ex-DNC Latino as press secretary MORE (D-Nev.) and Minority Leader Mitch McConnellMitch McConnellSchumer puts GOP on notice over ObamaCare repeal Right renews push for term limits as Trump takes power Will Rubio vote for Tillerson? MORE (R-Ky.) and House Speaker John BoehnerJohn BoehnerTrump, House GOP could clash over 'Buy America' Lobbying World Earmarks face tough comeback after ethics blow-up MORE (R-Ohio) and Minority Leader Nancy Pelosi (D-Calif.) will each select three lawmakers for the panel.
It is highly likely that all 12 chosen will be loyal to their party, hampering the chances of a bipartisan deal.
It’s hard to see how Rep. Paul RyanPaul RyanSchumer puts GOP on notice over ObamaCare repeal GOP must avoid Dems' mistakes when replacing ObamaCare Trump, House GOP could clash over 'Buy America' MORE (R-Wis.) and Sen. John KerryJohn KerryPalestinian leader: Moving Israel embassy could jeopardize peace process UN leader willing to meet lawmakers amid push to cut funding Will Rubio vote for Tillerson? MORE (D-Mass.) could agree to a massive deficit-reduction plan. Could Rep. James Clyburn (D-S.C.) and Sen. Orrin HatchOrrin HatchDems push for outside witnesses at Mnuchin hearing Live coverage: The Senate's 'vote-a-rama' Republicans scramble on ObamaCare replacement plan MORE (R-Utah)? Unlikely, especially with the parties bickering over what the supercommittee can and can’t do, especially on the perennially and rightly contentious issue of tax hikes.
Leaders must make their appointments to the supercommittee by Aug. 16. Reid went first on Tuesday by naming Sens. Patty MurrayPatty MurrayTrump health pick vows to sell off stocks to avoid conflicts Senate Dems end ObamaCare repeal protest after 5 hours DeVos confirmation hearing delayed MORE (D-Wash.), Max BaucusMax BaucusFive reasons why Tillerson is likely to get through Business groups express support for Branstad nomination The mysterious sealed opioid report fuels speculation MORE (D-Mont.) and Kerry. BoehnerJohn BoehnerTrump, House GOP could clash over 'Buy America' Lobbying World Earmarks face tough comeback after ethics blow-up MORE is expected to announce his selections in the coming days.
The recent move by Standard & Poor’s to downgrade America’s credit rating, and the corresponding tumble in the stock market, has put pressure on Congress to act.
Under the parameters of the new law that Obama signed, the supercommittee must vote on its findings by Nov. 23. Lawmakers then have a month to review it, and vote on the debt-reduction provisions by Dec. 23. The bill cannot be amended and is not subject to a filibuster.
Interestingly, the White House will not be at the table. The only way the administration will get a vote on the proposal is if Vice President Biden is called on to cast a tie-breaking vote should the Senate split 50-50. Obama does have the right to veto the bill.
But by and large, the ball is in the hands of a very unpopular entity. A recent poll by The New York Times and CBS found that disapproval of Congress is at an all-time high. That makes incumbents from both parties very nervous about losing their jobs, and fear is a great motivator.