The supercommittee is struggling.
After weeks of secret meetings, the 12-member deficit-cutting panel established under last summer’s budget and debt deal appears no closer to a breakthrough than when talks began last month.
While the panel members themselves aren’t doing much talking, other lawmakers, aides and lobbyists closely tracking the committee are increasingly skeptical, even pessimistic, that the panel will be able to meet its assigned goal of at least $1.2 trillion in deficit savings over the next 10 years.
The reason? A familiar deadlock over taxes and cuts to major programs like Medicare and the Medicaid health care program for the poor and disabled.
Democrats won’t go for an agreement that doesn’t include lots of new tax revenue; Republicans are just as ardently anti-tax. The impasse over revenues means that Democrats won’t agree to cost curbs on popular entitlement programs like Medicare.
Elizabeth Warren's Crusade to Nationalize Payday Lending Squeezes Native American Tribes | Cathy Reisenwitz