Implications of a Deficit Supercommittee Failure
The congressional supercommittee on the deficit announced yesterday it had failed. The bipartisan panel was charged with crafting a deficit-reduction plan by Thanksgiving - a plan both sides could agree on. Many observers said the supercommittee was doomed from the start. In today's divided Congress, with six Democrats and six Republicans on the panel, there was little chance for an agreement. Others say it was possible and rue a wasted opportunity to benefit the nation. What the deadlock means for the economy and American families - and what the Obama administration could do about it.
resident scholar at the American Enterprise Institute and coauthor of "The Broken Branch: How Congress Is Failing America and How to Get It Back on Track."
national correspondent, The Wall Street Journal.
former U.S. Congressman from Pennsylvania (1977-97); chairman of Wexler & Walker Public Policy Associates.
Democrat of Maryland, member of the 12-person Joint Select Committee on Deficit Reduction.