What exactly is the congressional supercommittee up against? These charts tell the story.
If the congressional supercommittee fails this week to agree on a plan to reduce the federal budget deficit by $1.2 trillion or so over the next decade, it won't be for lack of advice from Washington players and policy wonks.
For years, deficit hawks and policy advocates in the nation's capital have been fighting over what to do about the US government's budget and long-term fiscal challenges. And their weapon of choice often is…the chart. As these policy warriors have circled around the supercommittee—sometimes testifying before it—they have brandished various graphics to make their point in ways far more dramatic than lectures on baseline projections and budget authority.
The supercommittee, created as part of the debt ceiling agreement crafted in August, is comprised of six members from each party. They've been on an extraordinarily tight deadline to come up with a plan, due Wednesday, that will pass muster with their colleagues—or else a series of automatic spending cuts will take place starting in 2013. Here's a brief guide to the supercommittee's super-tough job via the charts.
Why the supercommittee won’t fix the problem: Earlier this month, the supercommittee solicited advice at a hearing from Clinton-era Office of Management and Budget director Alice Rivlin and the co-chairs of President Obama's debt commission, Erskine Bowles and former Wyoming Sen. Alan Simpson. They addressed all the things that the supercommittee is essentially banned from touching: entitlement programs like Social Security and Medicare—even though, as Rivlin pointed out, escalating health care costs related to an aging society are the primary driver of long-term debt. Rivlin's chart: