Supercommittee Strikes Out - by Stephen Lendman
Failure, in fact, was certain. What's next remains to be seen.
On November 20, New York Times writer Eric Lipton headlined, "Lawmakers Trade Blame as Deficit Talks Crumble," saying:
Hours away from their self-imposed deadlined, "Congressional leaders conceded Sunday that talks on a sweeping deficit agreement were near failure and braced for recriminations over their inability to reach a deal."
Republican aides said lawmakers will end their negotiations with a whimper, not a bang. Expect no final news conference, just a quietly issued joint statement and follow-up comments.
By law, automatic $1.2 trillion in cuts over 10 years will start in 2013. They're to be equally divided between defense and domestic programs. Don't bet on it.
Expect sustained military spending at the expense of what people value most. Either way, lost purchasing power means less spending, fewer jobs, and greater public anger than today's high levels.
Both sides blamed the other. Democrats said Republicans wouldn't yield on tax hikes. They pledged none, no matter what.
Republicans called Democrats inflexible, especially on Medicare, Medicaid and Social Security cuts.