The so-called debt super-committee, charged with cutting more than a trillion dollars from the deficit by the end of next year, now has almost all of its members in place. House Speaker John Boehner, unveiled his choices, including Texas Congressman Jeb Hensarling, who will be the bipartisan panel’s co-chairman, along with fellow Michigan Congressmen Dave Camp and Fred Upton. Senate Minority Leader Mitch McConnell named Arizona Senator Jon Kyl, Pennsylvania’s Pat Toomey and Ohio’s Rob Portman. All six Republicans have signed anti-tax advocate Grover Norquist’s pledge against tax hikes. Upon hearing the selections Norquist tweeted, “your wallet is safe.”
House Minority Leader Nancy Pelosi has yet to choose which House Democrats will be on the committee but earlier this week, Senate Majority Leader Harry Reid selected, Democratic senatorial campaign chair Pat Murray of Washington, Montana’s Max Baucus and Massachusetts’ John Kerry. Meanwhile, the Treasury department now reports that the U.S. has run a nearly $1.1 trillion budget deficit through July. That’s about $70 billion less than last year’s budget deficit at this point in the fiscal year. The Treasury days the change is due to higher government revenues.