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Former Sen. Pete Domenici (R-NM)(R), talks with Rep. Jeb Hensarling (R-TX)(L), during a Joint Deficit Reduction Committee hearing on Capitol Hill, on Nov. 1, 2011, in Washington, DC. The special Joint Committee is tasked with finding $1.2 trillion in deficit reduction by Thanksgiving.

The Joint Select Committee on Deficit Reduction – or supercommittee – has only days to come up with $1.2 trillion in cuts to reduce the deficit, before default trigger cuts to things like defense and education go into effect. The prospects don't look good, as the leaders of each political party blame the others for a failure to meet in the middle. The committee is finally meeting again after a week-long break in negotiations. What signs should we look out for to gauge the tenor of their discussion?

Guest:

Ryan McConaghy, director of the economic program at Third Way, a centrist think tank in Washington.