Supercommittee isn’t so super

Posted on November 20, 2011 by

From Business Week:

Republican and Democratic lawmakers on the deficit-cutting supercommittee said they’re still aiming for a last-ditch agreement even as one of the panel’s leaders voiced doubts about an accord by a Nov. 23 deadline.

The supercommittee faces a “daunting challenge” as its 12 members seek to bridge gulfs over taxes and spending, Representative Jeb Hensarling of Texas, the Republican co- chairman, said today. Time is running out for a plan to carve at least $1.2 trillion out of the federal budget, he said.