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Deficit reduction panel countdown

November 3, 2011

As part of the agreement to increase the U.S. debt ceiling, a special bipartisan committee was created to come up with a plan to reduce the federal deficit by at least $1.2 trillion over the next decade.

The group of six Senators and six Representatives is officially known as the Joint Select Committee on Deficit Reduction. It’s been dubbed the super committee.

And its members pretty much need super powers to meet their Nov. 23 deadline.

As that date nears, the ol’ blog is keeping track each day of November on the super committee’s progress.

0 Super Committee Countdown

I’m hoping that the lawmakers will be able to accomplish their goal sooner rather than later, but don’t be surprised to see the last post of this special series go up the day before Thanksgiving.

Here’s what has happened so far:

Day 1 — Everyone shares the blame for failure of the deficit super committee

Day 2 — Will the super committee’s failure revive Simpson-Bowles tax reform proposals?

Day 3 — Recriminations Monday, the official ‘holiday’ following the deficit super committee’s failure to agree on a plan

Day 4 — Death of super committee deficit deal expected as soon as Monday

Day 5 — Senators offer $4 trillion ‘Go Big’ deficit reduction plan to super committee

Day 6 — Popular tax breaks target of familiar plan offered by super committee Republican

Day 7 — Will super committee include farm bill provisions in its proposal?

Day 8 — Millionaires’ message to super committee members: Tax Us!

Day 9 — Gingrich bashes super committee as stupid, invitation to economic catastrophe

Day 10 — Deficit panel might pick tax amount, but let others figure out the details

Day 11 — Obama tells super committee members they can’t avoid the deep automatic cuts

Day 12 — GOP Senators coming around to taxes in deficit deal?

Day 13 — Use war savings to fund a stimulus deal say super committee Democrats

Day 14 — Super committee cuts could devastate national parks, damage the economy

Day 15 — D.C.’s Occupy Wall Street protesters hold mock Super Commitee meeting

Day 16 — Deficit reduction panel won’t extend its Nov. 23 deadline

Day 17 — The Super Committee is in a filter bubble that could burst deficit reduction efforts

Day 18 — Could the dollar coin help the deficit Super Committee save a few bucks?

Day 19 — Democrats want unemployment benefits tacked onto super committee deficit bill

Day 20 — Health sector groups lead in lobbying of deficit reduction Super Committee

Day 21 — 40 House Republicans say taxes must be considered by deficit reduction panel

Day 22 — More time for the super committee?

Day 23 — Social Security back in the mix as deficit cutting Super Committee deadline nears

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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