About that 'Supercommittee'...
We haven't heard much at all from the so-called "Supercommittee" - the committee set up to come up with another $1.5 trillion in cuts over 10 years that was part of the debt ceiling deal.
There's a very good reason for that - they aren't doing anything.
With a Thanksgiving deadline fast approaching, a powerful congressional panel devoted to debt reduction is running in rhetorical circles, unable to break the impasse over taxes that has long blocked aggressive action to tame the national debt.
Though the committee's 12 members have been meeting for nearly two months in closed-door sessions, lawmakers, aides and others involved in the process say they have yet to reach consensus on the most basic elements of a plan to restrain government borrowing.
There is no agreement on the scope of their ambitions: Should they aim to meet a savings target of at least $1.2 trillion over the next decade or "go big" with savings of $4 trillion or more? Nor is there agreement on a benchmark against which to measure those savings. And while individual ideas for savings abound, the committee has yet to assemble a comprehensive framework that would demonstrate its ability to produce a plan of any size before the Nov. 23 deadline.
Committee members say there is still time to cut a deal and have congressional budget analysts assess it. But the lack of progress is raising alarms on Capitol Hill and beyond as lawmakers and other observers grow increasingly worried that the panel is running out of time.
Recall that the penalty for the Supercommittee not coming to an agreement would be draconian cuts across the board to spending. Well, that's not going to happen regardless of the outcome to their negotiations. No way are Democrats going to allow several hundred billion in Medicare spending to be cut, nor will the GOP allow similar cuts in defense spending.
Next up: Fingerpointing. I bet you can't wait for that, eh?