Does anyone remember the National Commission on Fiscal Responsibility and Reform?
Just over eight months ago, the panel - more commonly known as the Bowles-Simpson commission - released its recommendations for reducing the federal debt.
The 18-member group was created in April 2010 by President Obama and released its report on Dec. 1. The bipartisan panel was chaired by Erskine Bowles, former White House chief of staff, and Alan Simpson, a former U.S. senator. Among its members were 12 congressmen, six each from the Democratic and Republican parties.
The panel's recommendations included: raising the retirement age for Social Security; limiting cost increases for Medicare and Medicaid; eliminating congressional earmarks; cutting subsidies and some tax deductions; and raising other taxes.
The proposals gored nearly everyone's proverbial ox and were universally criticized, so much so that they failed to win the endorsement of the commission that created them. The report received only 11 votes among the 18 commissioners, with 14 votes needed to advance it.
We are reminded of the Bowles-Simpson exercise in futility by provisions of Sunday's much-touted compromise to prevent default on our nation's debt, now in excess of $14 trillion.
After months of brinkmanship and haranguing among President Obama and Democrats and Republicans in Congress, we now have what has been characterized as a "historic" agreement to avert "catastrophe."
The deal calls for cutting federal spending by $2.4 trillion over 10 years. One provision requires Congress to cut $900 billion; another calls for $1.5 trillion in cuts identified by a new 12-person congressional committee, evenly divided between Democrats and Republicans.
Tax hikes will not be in play this time but, otherwise, does this committee sound familiar?
We have a suggested name for the new panel: "The Been-There, Done-That; Same-Old, Same-Old; Back-to-the-Future; National Commission on Dead on Arrival Recommendations," or BTDTSOSOBFNCDOAR, for short.
Perhaps this time, the panel at least will have the courage to endorse its own recommendations.