The bipartisan congressional committee tasked with finding at least $1.2 trillion in deficit reduction announced on Monday it cannot reach agreement by the Wednesday deadline, a stark if not unexpected admission that its efforts have ended in failure.
There should be a severe consequence for failure. Perhaps the committee members would have to take a cut in pay, suffer a fine, or have one of their fingers cut off. As it stands, nothing happens and things continue to go their troubled failing way. Nothing happens because there is no pain associated with failure. Democrats want to raise taxes while Republicans refuse to feed the beast. Government is so inept with the tax money that is already flowing into its coffers so why should it be rewarded with more? So what are the consequences of the committee’s failure?