The debt “supercommittee” must find $1.2 trillion in deficit-reduction savings by midnight on Wednesday next week. Pizza magnate Herman Cain slammed President Barack Obama on Sunday over “lack of presidential leadership.” In a blog post on his official presidential campaign website, the Georgia Republican posited that “it’s very unlikely the ‘supercommittee’ will achieve anything meaningful with respect to budget discipline.”
The contentious nature of the debt ceiling talks in August, forced Standard & Poor’s to downgrade the US’ triple A credit rating. If the debt “supercommittee” fails to recommend $1.2 trillion in deficit-reduction savings by midnight on Wednesday next week, many fear that the US will suffer a similar fate.
Cain accused Obama of being “mired in the small.” Citing Obama’s call for deficit-reduction suggestions from federal employees as evidence of Obama’s “refusal to take the problem seriously,” Cain argued that reducing the federal deficit calls for a “serious approach.”
Cain posited that the only way to revitalize the US economy is to cut spending and to encourage economic growth. “Cutting spending is only half the equation. You must achieve robust, sustainable economic growth in order to have any hope of turning the nation’s fiscal situation around,” Cain argued.
Cain offered his “999? tax plan as a solution to the current economic crisis. “The tax code is a complicated mess, which is why my 9-9-9 plan is getting so much traction. It fixes the problem,” Cain wrote.
The debt “supercommittee” is made up of 12-members of Congress, including six senators and six congressmen. The debt “supercommittee” was created by the passage of the debt ceiling plan in August.