Wednesday marks the deadline for the supercommittee to slash 1.2 trillion dollars from the deficit over the next decade.
Under the Budget Control Act, which created the committee, any proposal must be publicly made and evaluated for its financial impact by the nonpartisan Congressional Budget Office (CBO) no later than today.
It’s looking very much like the committee is stalled which could trigger automatic, across-the-board spending cuts. That could shave off defense funding that the GOP wants to protect. Democrats are worried about social spending, but some programs would be immune to the trigger cuts, such as Medicaid, Social Security, food stamps, veterans’ benefits, and the Earned Income Tax Credit, among others.
Republicans came up with an alternative plan announced Friday that would include approximately $540 billion dollars in spending cuts and fees. Democrats dismissed the plan saying it disproportionately does little to tax the wealthy. Republicans argue Democrats are too stringent and Democrats claim Republicans need to support tax hikes.
Can the super committee beat the clock? What will the fall out be if they fail?
David Hawkings, journalist & editor at CQ Roll Call where he writes the Daily Briefing
Tom Del Beccaro, Chairman of the California Republican Party
Brad Sherman, Democratic Congressman from the San Fernando Valley's 27th congressional district