SAN FRANCISCO (MarketWatch) - The U.S. congressional committee assigned to draft a plan for cutting $1.2 trillion from the nation's deficit over 10 years is expected to announce Monday that it has failed, the Wall Street Journal reported. Congress has until Dec. 23 to approve recommendations from the so-called deficit-reduction supercommittee. Without a plan, according to the bipartisan deal approved in August, $1.2 trillion would be automatically cut from across government.

http://www.marketwatch.com/story/superco....

Krugman is very happy.

Like 1.2 Trillion over 10 years would do anything at all. Lol. What a ****ing joke these people are. Go ahead. Cut 5 trillion over 10 years and guess what..... You still didn't fix the ****ing problem.

Honestly, these political hacks make me sick.

What do you expect with our esteemed Patsy (as in a patsy) Murreeeee leading the charge?

That they couldn't even find the trivially unimportant (and impotent) cuts they were assigned should not come as any surprise.

This doesn't end well...

Failed? They still have 5 weeks to go.

5 Weeks? I thought it was Nov 23rd.

Widgeon: I think the deadline is Wednesday.

They'd need to cut $1.2T this year to have any real effect. $1.2T over 10 years is a joke.

I thought that the ratings agencies only demanded the $1.2T in savings over 10 years.
I guess we'll be getting another ratings downgrade...

Don't the cuts occur automatically?

Quote:

Don't the cuts occur automatically?

Well sure.

But congress can undo what they did at anytime.

Count on it.

Yes.

And I think that's what they intended to have happen all along. This way, neither party gets the blame...or both do equally; whichever way you want to look at it.

ah, OK ... thanks.

Quote:

Without a plan, according to the bipartisan deal approved in August, $1.2 trillion would be automatically cut from across government.

LIE LIE LIE LIE LIE LIE

I get sooo sick of this crap. The 1.2T in "automatic cuts" don't begin until 2013 - gee, I wonder why? (sarc)

Honest, we'll take care of it the year after next year!

And people believe this s***?

what happens, or what should happen to 10y & 30Y Bonds yields,if they fail to agree on anything?
I would assume they would go up, but in bizzarro-land is the opposite likely???

Half-

Did you expect the supercuts to begin next week?

I think it was designed to fail. Then the "horrifying" BIG trigger cuts (LOL) would kick in automatically and save us from another downgrade. That way Congress can wash its hands of making the "big" cuts. They think they are saving the day this way.

Of course, with McCain's plans to exempt defense from the 2013 cuts, we are well on the way to dismantling the entire thing. The leaves some cuts to NPR, food stamps, and WIC was a sure thing! Plus 6 million will run out of unemployment bennies very soon.

Got lead???

@Mayor, no, I'm a little more informed on the legislation. My point is, the marketwatch.com/Wall Street Journal quote is a lie by omission

Anything can be undone but I don't see this as particularly better or worse than what they would have agreed to.

Patty Murray=epic FAIL.
Not that the restooplicans are any better, but that woman is one dumb box of rocks.

Mayor, it's much better for them, and far worse for us.
It kicks the can for 14 months, while they continue to rob the people blind.
The politicians get no blame, and we get no cuts!

It is the same thing because any cuts would have taken effect later on. In fact, they might have started even LATER than 2013.

the market may rally on this government impotence, know that I will be shorting that rally.

Bondzilla can't get here soon enough.

Wakeup, in case you haven't noticed Bondzilla was sent to the slaughterhouse years ago. Bernanke has been eating its filets since then.