Supercommittee's Failure a Win for Wall Street, Big Oil, Other Corporate Interests

Washington, D.C.—Campaign finance watchdog Public Campaign Action Fund responded to the expected announcement that the Joint Select Committee on Deficit Reduction has failed to reach an agreement.

Statement from David Donnelly, national campaigns director:

“The supercommittee’s failure underscores what we already know: Wall Street, Big Oil, and other corporate special interests control Washington, particularly when decisions move to the backroom. Over the past several months, politicians weren’t shy about using their position on the supercommittee to cash in with big donors to protect their own jobs. Their failure delivers a big helping of the status quo, which works for the 1% but doesn’t for the 99% of us who are struggling to find jobs, to pay for education, and to afford staying in our homes."

While Public Campaign and two-dozen groups urged supercommittee members to give up fundraising while serving on the committee, many continued to attend fundraisers and solicit cash from interests with a stake in the outcome of the committee. One lobbyist said he was going to prepare for the committee by “writing 12 really large checks.”

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