David Hawkings at CQ Roll Call says chances of a deal out of the Supercommittee that comes close to the $1.2 trillion target for deficit reduction is decreasing by the moment. Six of the most centrist members apparently met last night but could reach no agreement. They plan to continue talks through the weekend but even if they come up with something the more ideological members are not likely to accept it. Hawkings says: “The likeliest outcome at the moment is that, on Monday, both sides will ask for CBO “scores” of their last, best offers, and then on Wednesday the panel will meet and defeat each of those proposals on party-line 6-to-6 votes. That way both parties will at least be able to offer spin over the holiday weekend that they made good-faith stabs at deficit reduction that were wrongly rejected by the other side.” Hawkings says not to expect any halfway deal for something less than $1.2 trillion in cuts. The supercommittee seems to have abandoned that option.
Bottom line: Looks like the supercommittee will be a super-dud.
Read more from Hawkings here: http://corporate.cqrollcall.com/content/4/en/CQ_Roll_Call_Daily_Briefing