On Monday, November 21, 2011, leaders of the Joint Select Committee on Deficit Reduction confirmed that the supercommittee was unable to craft a bi-partisan agreement for cutting the deficit by $1.2 trillion before Wednesday’s deadline.
As a result of the panel’s failure, a range of federal programs face automatic spending cut unless Congress can reach an agreement before January 2013. Unless Congress takes action in 2012 to reduce spending by $1.2 trillion over 10 years, the first round of automatic cuts will be shared equally by defense and non-defense spending accounts.
Implications for Goodwill®
Goodwill Industries understands the difficult challenge decision makers face as they struggle to reduce the deficit and limit the national debt, while stretching limited resources to support an ever-increasing list of national priorities.
Reducing debt and the deficit is a serious issue that will require all to make sacrifices to address the nation’s spending problem. Tackling this serious issue also calls for wise investments in integrated strategies that will address our nation’s revenue problem by making our workforce and businesses more competitive.
In the weeks leading up to the supercommittee’s deadline, Goodwill urged its members help develop a plan that would reduce the deficit while protecting federal investments that support Goodwill’s efforts to help people find jobs and advance in careers.
As Congress continues to focus efforts to solve our nation’s economic problems, Goodwill will continue to remind policymakers to support investments that leverage community-based organizations, like Goodwill, that help people who are struggling to make ends meet despite a bleak job market.