Congressional Bankruptcy Committee at work

If the supercommittee fails to come up with $1.2 trillion in deficit reduction by Thanksgiving, then automatic cuts to defense and non-defense spending, including Medicare payments, are to be triggered in 2013. Hill

The numbers don't work, we are in the middle of a recession. Next quarter growth will be near zero, as the current quarter is near 1% or less. Tax revenue falls faster than growth falls. The crisis will hit again in fourth quarter.