The so-called “super committee” comprised of 12 Republican and Democratic members of congress and tasked with finding ways of dealing with the country’s deficit, is expected to announce this morning that it cannot find a consensus. Part of the “poison pill” measures triggered by this move include $600 billion in spending cuts for the military, with another $600 billion in across the board “discretionary” spending cuts.
The threat of the automatic cuts, falling equally on military and domestic programs, was supposed to ensure that a deal would be reached. However, neither side appeared willing to compromise after three months of meetings.
Source: Reuters