The Senate on Tuesday rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year, despite glaring new figures showing the enormity of the red-ink threat.
The special deficit panel would have attempted to produce a plan combining tax increases and spending curbs to be voted on after the November elections. The measure went down because anti-tax Republicans joined in opposition with Democrats wary of being railroaded into cutting Social Security and Medicare.
With Congress unwilling to go along, Obama will announce during Wednesday’s State of the Union address that he is establishing a similar panel by executive order, The New York Times reported late Tuesday on its Web site.
They need to start somewhere. This one, albeit too little too late, I’m on O-mans side.