The so-called congressional "Super Committee" that was set up during the debt ceiling battle back in August is charged with finding $1.5 trillion in federal spending cuts over 10 years, and the deadline to do so is November 23 - just over a month from now. If the Super Committee fails to come up with $1.5 trillion in cuts, then some nasty triggers come into play to automatically cut spending across-the-board at the beginning of 2013.
Obviously, the Super Committee has a gargantuan task ahead of it and on a very short fuse (i.e. - Nov. 23) to find $1.5 trillion in spending cuts over the next 10 years. Will the 12 committee members (6 Republicans and 6 Democrats) be able to reach such a historic agreement in time before the mandatory triggers and spending cuts go into place? Frankly, I doubt it.
The mainstream media has been largely silent in recent weeks on this looming controversy. So, in today's E-Letter I will succinctly get you up to speed on the pertinent issues surrounding the Super Committee and the challenges it faces. This is definitely something you need to know about and understand as the debate in Washington unfolds in the weeks just ahead.