So the Supercommittee is going to announce failure.
The good news is it doesn't mean much. The Supercommittee's goal was a farce anyway, cutting only $1.2 trillion over 10 years, or $120 billion a year, when we are currently running deficits over $1.2 trillion each and every year.
And the automatic cuts that will kick in when the Supercommittee fails? They are a joke, too. Conveniently for Obama's re-election, they don't kick in until 2013. And they are so annoying to the military-industrial and welfare-industrial complexes that a future Congress is sure to undo them. Both Obama's Defense Secretary Leon Panetta and Congressional Republicans are already freaking out over the defense cuts.
The allegedly Draconian Congressional Republicans have now achieved precisely zero spending cuts in three opportunities: the budget, the debt ceiling, and the Supercommittee. What exactly are Republicans good for?
Damn the credit rating; full speed spending ahead.
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