The Super Committee Racked Up More Debt
NEW YORK (TheStreet) -- The Joint Select Committee on Deficit Reduction, otherwise known as the super committee, accomplished one thing: It wasted government money.
The committee announced its failure to compromise and find more than $1 trillion in deficit reductions over the next decade in typical political doublespeak on Monday afternoon, saying it tried really hard and was deeply disappointed. There were even Happy Thanksgiving wishes. Really. No joke.
|Super Committee Co-Chair John Kerry (D-Mass.)|
The original authorization for the super committee, in the Budget Control Act of 2011, laid out the staff hiring expenses and general expenses that the super committee would be entitled to incur. It doesn't provide any numbers but with Monday's failure, whatever expenses were incurred are now just another waste of taxpayer money.
The Budget Control Act legislation stated the super committee was authorized to incur whatever expenses it needed in order to do its job. The co-chairs of the committee were also authorized to appoint and "fix" the compensation of staff "as they deem necessary," though subject to Senate rules on employment.Funding came from "applicable accounts" of the House of Representatives and a contingent fund" of the Senate included in an appropriations account called "Miscellaneous Items.'' There's nothing "miscellaneous" about the super committee funding item, though: It kept the debt engine known as the federal government chugging along in its failed attempt to switch us off the debt track. In the end, there's something fittingly ironic about this panel having nothing to show for its efforts but a little more wasted government money. -- Written by Eric Rosenbaum from New York.
Eric Rosenbaum. >To follow the writer on Twitter, go to Eric Rosenbaum.
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