Supercommittee Flop’s Silver Lining
The supercommittee may have been a super failure, but there may be some good news to come out it: a sharp drop in annual federal deficits. Now, per an earlier agreement in Congress, spending cuts will kick in automatically, with at least half coming from defense spending in 2013. Plus, the Bush tax cuts are set to expire at the end of 2012.
Together, the new cuts and taxes would cut the annual deficit by half
. But as The Daily Beast’s Patricia Murphy reports, the bright side could soon dim—lawmakers are already setting up a campaign to block the automatic cuts.
Read it at The Daily Beast
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