Deficit Panel Fails in Super-Majority Vote, Actually a Partial Victory in the Loss
The Deficit Panel has failed to reach a super-majority that would be enough to trigger a vote in Congress. That is the bad news, but frankly we already expected this. The good news is that there was a majority vote…
The pain and sacrifice that would have to be absorbed is something that we acknowledge most politicians just cannot or will not ask of their voting constituents.
As noted when the deficit panel’s plan was released, this is just the first chapter of what we have coined as “The Deficit Manifesto.” There are many more chapters to come.
The final vote was 11 for, 7 against. The panel needed 14 of 18 votes to trigger a mandatory vote in Congress. It is hard to call this move a total failure when it did at least get a bi-partisan majority even if a super-majority was needed.
On to the second chapter of “The Deficit Manifesto.”
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
