My prediction that the point of the supercommittee was a way to gets cuts in social programs passed in Congress was wrong. Although that may have been the plan all along, it seems like the devotion of the Republicans to enriching the already superrich was too strong to overcome their desire to inflict pain on the poor, and so no deal was reached.
So what about the automatic triggers of $600 billion each in defense and non-defense spending that are supposed to go into effect automatically, and the prospect of which was supposed to be so dire that it would force the supercommittee to come up with a plan? The $600 billion is social spending will cause severe pain to ordinary people but the oligarchs and their agents in Congress do not care about that. It is the $600 billion in defense cuts that is the cause of Congressional angst.
It looks like since those cuts only go into effect in 2013, Congress thinks that it has time to find a way to avoid it. It will not be easy. The legislation that created the deal will have to be repealed by a new law passed by Congress and president Obama has promised to veto any such measure, though Obama’s promises cannot be taken seriously.
I frankly do not know how this will play out now. There are too many variables at play. But expect to see a lot of posturing and grandstanding and finger pointing. In other words, the normal working of Congress.