When the urge to bailout is overwhelming

If you recall, the Budget Control Act said that if the "super committee" wasn't able to come to an agreement, there would be an automatic spending cut in the amount of $1.2 Trillion dollars over the next ten years. Well, clearly the super committee fell flat on it's ass, and therefore we should see $1.2 Trillion in debt reduction when reviewing the new budget proposal -- right? Obviously this wasn't the case. Perhaps the law has "vaporized", similar to the missing MF Global funds (and the middle class). ZH