WASHINGTON (AP) — The failure of a special deficit-reduction supercommittee sets up a year-end battle between President Barack Obama and a dysfunctional Congress over renewing a payroll tax cut and jobless benefits for millions.
At the same time, the debt panel's failure triggers deep, automatic cuts to the Pentagon budget, beginning in 2013, that defense hawks already are dedicated to unwinding. Domestic programs would bear cuts as well.
And the panel's failure puts taxes and out-of-control deficits front and center in next year's presidential and congressional campaigns. The election's outcome is likely to determine whether Bush-era tax cuts that expire in December 2012 will be fully renewed or whether Obama can force Republicans to make concessions on taxes.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
