Supercommittee already planning for failure and considering options... such as punting.

[DCBob]

The congressional supercommittee seeking a long-term debt-reduction deal over at least $1.2 trillion in deficit cuts remains deadlocked over Democrats’ insistence on tax increases as a deadline for agreement nears.

<snip>
Several supercommittee members spoke at a hearing yesterday about the risks of falling short of an agreement, while others questioned whether it would be possible to alter the automatic spending cuts.

<snip>
Camp, a Michigan Republican, asked Elmendorf if there are any barriers to Congress changing how the cuts to Pentagon programs would take effect. “Any Congress can reverse the actions of a previous Congress,” said Elmendorf.

http://www.bloomberg.com/news/2011-10-27/supercommittee-flirts-with-failure-as-november-deadline-nears.html

===========

This was so predictable. I actually think this is good thing. It would be better to do nothing at this point and deal with this issue after the elections.

[valerief]

1. Isn't failure success to them? nt

[MannyGoldstein]

2. IIRC, failure is likely the best outcome

The military will take the biggest hit.

[DCBob]

5. I think they are going to rework the legislation to delay or remove the automatic cuts.

because cutting military is unthinkable to Rethugs.

[Scott the Accountant]

10. The Biggest Hit...

...will be to homeowners on the coasts especially New York and California. The mortgage interest deduction is going away just as the deduction for credit card interest went away in 1986. It will trigger recessions of its own in high income, high housing cost areas.

This is going to happen. Both parties are on board, it's just a matter of who takes the hit, how badly and when. It's coming.

[Lint Head]

3. Good. The Super Commitee is a sham!

[PSPS]

4. "Democrats’ insistence on tax increases"

The congressional supercommittee seeking a long-term debt-reduction deal over at least $1.2 trillion in deficit cuts remains deadlocked over Democrats’ insistence on tax increases as a deadline for agreement nears.

That's the tell that this is a piece written by and for the 1% audience. It's the republicans' refusal to consider any revenue increase that guarantees nothing worthwhile coming out of this.

[DCBob]

9. definitely a rightwing slant to the article.

Bloomberg.

[dkf]

6. Well give them an out...

On the other hand, when watching the Europeans it occurs to me that they are more messed up than we are.

[tularetom]

7. It aint't deadlocked over "Democrats insistence on tax increases"

It's deadlocked over the absolute refusal of republicans to even consider tax increases as a means of reducing deficits.

The phrasing makes it sounds like the Democrats are being unreasonable when the facts are just the opposite.

[phasma ex machina]

8. Any "debt-reduction deal" is, and always will be, just a bunch of "feel good" TALK. BANK on it. nt

[bluestateguy]

11. Let the committee fail

and the automatic cuts go into effect.

Congress will probably reverse even those cuts next year anyway.

The whole thing is just going through the motions because it had to be done to get the debt ceiling raised.

[jberryhill]

12. Troops out of Iraq by the end of the year

And this was attributed to deadlock in the Iraqi Parliament... Hmmm.... Seems like the Pentagon budget is going to need enough headroom in their budget to make some choices.

[Scuba]

13. 100% predictable. The idjits who thought up this travesty, and those who voted for it....

... all need to be thrown out of office.