Will Congress block automatic cuts?
Under the debt ceiling deal passed last summer, lawmakers had until January 15th to pass substantive deficit reduction measures. That day has now come and gone with no word of any plan. Because Congress couldn’t develop a deficit reduction proposal, automatic across-the-board cuts will take effect in January 2013. Makes sense to give the plan some teeth, right? Looking beyond the reality that lawmakers wouldn’t be able agree on fiscal responsibility. But a look back at past deficit reduction measures reveals an unfortunate reality. Congress can, and routinely does, block the measures from taking effect.