There is a revolution occurring in U.S. domestic energy production.
The skeptics have been proven right. The super committee failed in its attempt to agree on a package of $1.2 trillion of deficit reduction over the next 10 years. But it was not for a lack of trying.
Most members worked hard to find common ground. They looked at many proposals from past commissions, ideas from other committees of Congress as well as their own plans. In the end, the committee was done in by a lack of leadership in high places and competing visions of America’s future.
Let’s first note the total lack of leadership by the president of the United States. Big initiatives like deficit reduction cannot happen without the president’s active involvement and President Barack Obama’s administration never participated in any serious way in the committee’s work.
On the few occasions he spoke about the committee in public, it was almost always in a partisan context, threatening to veto any agreement that didn’t contain job-killing tax increases or one that did include meaningful entitlement reform. Yet cynically, he talked openly about a large deal of $3 trillion or $4 trillion, even as he opposed the elements that might have made such an agreement possible.