Let the big freak out over the impending failure of the super committee to cut a deal begin!
Here’s the thing – if no deal is reached, then sequestration happens and automatic cuts occur. Those cuts amount to $1.2 trillion over a ten year period (peanuts) and they’re not even real cuts – they’re reductions in planned spending increases. Does that even mean anything when the current Congress can’t hold future Congresses to the deal?
In short, I’m less concerned by the “failure” of the super committee and more concerned that we had the super committee fobbed off on us at all in exchange for enabling Obama to increase the debt limit. It was a sham from the beginning.