OVERNIGHT MONEY: Obama ramps up push for payroll tax extension
01.01.70
SUPERCOMMITTEE
The walking dead: Zombies are hot right now, and Monday's announcement from the supercommittee that its 12-members couldn't reach an agreement by its deadline — technically tonight — probably means that another gang or three will eventually spring to life in an effort to solve the debt crisis.
Just when you think a budget panel is dead on Capitol Hill, lawmakers resuscitate otherwise lifeless deficit-reduction plans.
Lawmakers did make a last-ditch effort to put together a deal on Monday, but they couldn't make any headway.
"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," the two chairmen of the panel, Sen. Patty Murray (D-Wash.) and Rep. Jeb Hensarling (R-Texas), said in a joint statement.
The announcement followed a final flurry of negotiating activity, which saw Sen. John Kerry (D-Mass.) put forward a revised tax code overhaul. The proposal was rejected by the GOP as a “gimmick” designed to secure a trillion-dollar tax increase.
Source: The Hill (blog)