The much-vaunted Super Committee set up earlier this year to resolve America’s ongoing budget woes looks set to fail, an outcome that would automatically trigger pre-defined $1.3tn cuts hitting defence and entitlement spending.
The twelve members of the Super Committee have until Wednesday 23rd November to get a deal in place, but in reality they need to get things sorted today (Sunday) in order to have time to pass it over to budgetary officials. Some hold out hopes that a last-minute deal, typical of the current Washington style, will be struck. But optimism is in short supply in the corridors of power.
If no deal is reached, the reputation of America’s political elite will be further diminished. More importantly, the $1.3tn cuts will come into force, slashing spending on defence and entitlement programs. Some US lawmakers warn that anything would be better than allowing this ‘trigger’ to occur.