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August 10, 2011
Super
Committee Takes Shape <=
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As
of this afternoon, nine* of the twelve members of the Joint Select
Committee on Deficit Reduction have been named by House and Senate
Congressional Leadership. Senator Jon =
Kyl
(R-AZ), House Ways and Means Chairman Dave Camp (R-MI) and House
Energy and Commerce Chairman Fred Upton (R-MI) were among those
appointed by their party's leadership. Other appointees
include: Senator Patty Murray (D-WA), Senate Finance Chairman Max
Baucus (D-MT), Senator John Kerry (D-MA), Senator Pat Toomey (R-P=
A),
Senator Rob Portman (R-OH), and Representative Jeb Hensarling (R-TX). House Minority Leader Na=
ncy
Pelosi (D-CA) has yet to make her picks public, but is required t=
o by
August 16, 2011.
The
creation of the Super Committee was included in the recent debt c=
eiling
deal signed into law by the President. The Committee is tas=
ked
with identifying $1.5 trillion in deficit reduction savings by
November 23. Congress will then have until December 23 to a=
ct
on any Super Committee proposal or pass alternative deficit reduc=
tion
measures equaling at least $1.2 trillion in savings to avoid
additional automatic cuts to defense and entitlement spending.&nb=
sp;
The Committee will hold its first meeting upon returning from the
Labor Day recess.
The
Committee will consider all possible avenues to reduce the defici=
t,
including new taxes, the elimination of current deductions, closi=
ng
loopholes, changing tax rates, cutting funding for government
programs and eliminating services. The Super Committee could
make drastic budget cuts for agencies such as the Environmental
Protection Agency, Health and Human Services, Department of Defen=
se,
the Small Business Administration, and the Economic Development
Administration, among many others. Either way, $1.2 trillio=
n in
deficit reduction through direct Committee action or automatic
spending cuts could negatively impact hospitals, doctors, farmers,
manufacturers, energy producers, states, and municipalities.
Please contact our experts to discuss how the Super Committee cou=
ld
help or hurt your business or organization.
=
*Three
of the nine members appointed thus far hail from states where Cla=
rk
Hill PLC has offices.
=
If
you have any questions concerning these issues, please contact Ch=
ris
Wagner at 202.772.0924 or cwagner@clarkhill.com.<=
o:p>
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