By now, most people know the consequences of a failure by the Congressional Super Committee to come up with $1.2 trillion in spending cuts by Wednesday. If the 12 members cannot agree on how to reduce the federal deficit over the next decade, Medicare will be slashed by 2 percent and the Pentagon faces cuts as well.
The political ramifications of a failure by the Super Committee to forge an agreement will be equally harsh, argues the author, Brian Beutler. Both parties will engage in a nasty war of words (and political ads) as the 2012 election nears, and Republicans are likely to fight amongst themselves. Powerful special interest groups are set to lobby both parties to ensure that their profits are protected.
Many Capitol Hill insiders are not optimistic a deal will be reached in time.