The headline above likely comes as little surprise to anyone, but considering the magnitude of the problem and its potential consequences, it is truly shameful.
The apparent failure of the Joint Select Committee on Deficit Reduction (i.e. the “Super Committee”) is clearly disappointing. Both political parties are pointing fingers at the other for the failure; but in the end, it is the American economy that will suffer most significantly as politics are placed ahead of doing what is right for long-term economic health.
Outside of the extremely low probability of a surprise development before the Wednesday deadline, the failure will result in automatic cuts to future government spending to kick in starting in 2013, as agreed to under the August debt ceiling agreement. These automatic (or “sequestered cuts” in governmental parlance) amount to about $1.2 trillion over a 10-year period. About half of the cuts will come from Defense spending, and half from Medicare and other programs. (…)
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