Back in August, Congress averted a government shutdown at the last minute by kicking the can to a “Supercommittee” that was assigned to find $1.2 trillion in savings. The incentive was a provision that if the bipartisan task force failed to do so, $1.2 trillion would automatically be cut, with half from social programs (to get the liberals to co-operate) and half from defense (to get the conservatives to co-operate). The deadline for an agreement would be Thanksgiving.
Well, that would be this Thursday and it is evident that no agreement is likely, with the sticking points being the same ones that stymied Congress back in April: Democrats want not only cuts but new revenue, and Republicans won’t agree to any tax increases.
But doing nothing will be just as good, given the automatic cuts that will take place (though not until 2013). Right? You would think so. That was the agreement.
But now the word is that Congress will renege on that deal by adding back what would have been cut out of social programs and national defense!