Looks like the supercommittee may turn into a big fat turkey for Thanksgiving.
David Hawkings at CQ Roll Call says that there is “no glimmer” of a bipartisan bargain from the supercommittee. There are only 10 days left for the committee to reach an agreement—6 days left to get something the Congressional Budget Office can score—on the $1.2 trillion in deficit reduction. So far, Republicans will not accept any deal Democrats offer that contains any revenue increases. In fact, Republicans on the committee are catching heat for even considering ANYTHING THAT REMOTELY LOOKS LIKE revenue enhancements such as their $250 billion offer last week that supposedly would raise revenues WITHOUT any tax increases. Don't ask me how that would work. It wouldn't.
Now it looks like that not only may there be no deal but no automatic cuts either. Hawkings says:
The talk of dismantling the punishment trigger — the across-the-board sequester cutting both military and civilian programs in the absence of a deal — is getting louder again today, mainly because Obama over the weekend made clear that he opposes the idea but pointedly did not use the word “veto” in discussing how he would react to a bill that would disarm the trigger.
Bottom line: Congress decided that the only way to get anything done was to put a loaded gun to their heads and threaten to pull the trigger. Now they have decided to keep the gun but remove the bullets.