It's official: the bipartisan Congressional supercommittee charged with coming up with a compromise of budget-cutting (entitlement-slashing) and new revenue (taxes) has failed. Because the twelve lawmakers couldn't even come up with a way to call a press conference, the two chairs released a statement saying they were "unable to bridge the committee's significant differences." But enough of the doom and gloom: check out these AMAZING Black Friday deals!
Now, a "trigger action" is supposedly going into effect next year to cut $1.2 trillion from the budget so politicians don't have to. When no one has responsibility, everyone wins! Whether that will actually happen is up for debate, but some economists think that the debt committee's failure is a good thing, as the result of the committee's bargaining would have been a watered-down and "centrist." President Obama is scheduled to make a televised announcement at 5:45 p.m., presumably to tell the members of the supercommittee that there will be no TV or internet or dessert for "at least a week."
Billionaire mayor Michael Bloomberg also weighed in and criticized (as he has in the past) President Obama for his lack of leadership: “It’s the chief executive’s job to bring people together and to provide leadership. I don’t see that happening." Don't make him send the NYPD down there to clean things up!
Republicans in particular refused to bend to calls for higher taxes. Why? They made a Prom Promise to Grover Norquist that they'd never, ever raise taxes.