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Monday, November 21, 2011

Super Committee Update


Members of the Super Committee (12 Congressional Leaders) were charged with trying to arrive
at $1.2 trillion in budget cuts.  Congressional sources indicate that no deal will be reached.  Aides are trying to focus on how to announce to the nation that no deal has been reached.

A senior Democratic aide has indicated that talks are over to reach a deficit reduction agreement.  No final decision has been made, however, barring an unforeseen breakthrough, the "no-deal" announcement is looming.

The Congressional Super Committee was tasked with proposing ways to reduce deficits by at least $1.2 trillion over the next 10 years to stave off automatic spending cuts, known as a sequester.  7 out of the 12 Super Committee members would have to approve a deficit reduction plan in order to send it to the both houses of Congress in the form of legislation.

Then both chambers of Congress would vote on the legislation without amendment by December 23rd.  For the legislation to pass, a simple majority would be required in each chamber of Congress.

Failure to pass any agreement could result in $1.2 trillion in automatic spending cuts across much of the federal budget starting in 2013, evenly divided between defense and non-defense spending. Defense Secretary Leon Panetta warned Congress this week that such cuts could cripple the American military establishment.

Since Congress made the law governing the sequester, it can also amend or repeal it, as some lawmakers are suggesting.

SASFAA Legislative Relations Committee
Amy L. Berrier
Assistant Director for Operations
The University of North Carolina at Greensboro
Financial Aid Office
723 Kenilworth Street
PO Box 26170
Greensboro, NC  27402



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