Not surprising, I suppose, this news from CNN. Republican resistance to tax increases, particularly for the wealthy, is the core barricade. OWS.
Members of the “super committee” charged with coming up with $1.2 trillion in budget cuts are focused on how to announce failure to reach a deal, Democratic and Republican aides confirmed to CNN Sunday.
While aides said no final decision had been made, they acknowledged that barring an unforeseen development, an announcement of no deal is likely.
Talks on trying to reach a deficit reduction agreement are essentially over and discussions are focused on a Monday announcement, a senior Democratic aide said.
To stave off automatic spending cuts known as a sequester, the super committee was tasked with proposing ways to reduce deficits by at least $1.2 trillion over 10 years. At least seven of its 12 members would have to approve a plan in order to send it to the House and Senate in the form of legislation.