Congressional bankruptcy committee is bankrupt

The Super Committee Is Doomed

With less than a month to go before the deadline to produce a debt deal, it appears that the Congressional deficit-reduction committee is nowhere close to a deal. Even worse, neither side can even get their rank-and-file members to back the current proposals.

Both Democrats and Republican leaked details of their current proposals and nobody seems very happy. Speaker of the House John Boehner called the Democrats plan a "non-starter" because it hinges on tax increases, which he still refuses to accept. The GOP plan promises $600 million in new tax revenue, that it assumes will come from awesomely obvious economic growth, an idea the Dems scoff at. 

Democrats aren't thrilled with their party's offer either. Rep. Bill Pascrell of New Jersey says it has "absolutely no chance of being the law of the land" and he sees no path to a deal before the November 23 deadline. Atlantic