Months after arguments over raising the federal deficit ceiling caused the United States' bond rating to be lowered by one agency, the Congressional "supercommittee" of six Democrats and six Republicans failed to pass a plan to cut $1.2 trillion off the budget for the next decade.
Unless Congress acts in the next month, those spending cuts automatically go into effect starting in 2013. They will take a big bite out of the military and domestic programs such as Medicare--$600 billion each, which is not what either party wants for its own reasons.
There are two basic reasons why the "supercommittee" became a super dud. The first is that there were only 12 members, which meant that there was no deciding vote should there have been a deadlock. Or was it because they were superstitious in avoiding a 13th?
The other was the same old partisanship that's been paralyzing Washington for who knows how long. Democrats wanted to raise taxes to pay for the cuts, and the Republicans are too beholden to Grover Norquist to change their anti-tax stance. Compromise? Are you kidding? It's like six Clark Kents going up against six Lex Luthors, with no caped avenger on hand to stand for Truth, Justice and the American Way.
It's not like the public has been holding out for a hero. In a recent poll, those who replied thought politicians had a lower reputation than Wall Street bankers. So it doesn't come as much of a surprise that the "super-committee" failed to do its job. Now Congress needs a miracle to pass a bill that will avert potential economic disaster. Don't hold your breath.
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