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Debt Supercommittee: No deal in the works

The House-Senate Supercommittee is facing a Monday deadline with little chance of making a deal, lining up a series of mandatory cuts neither Republicans nor Democrats will like. The bitter pill of the mandatory cuts was supposed to be enough to force a compromise on reducing the debt and deficit and possibly raising revenues. The Supercommittee was spawned last summer as a result of the showdown over raising the debt ceiling–an undistinguished episode for the Obama administration.

To get up to speed on congressional Supercommittee deadlock:

The Daily Beast’s Patricia Murphy offers great insight into why the panel flopped HERE.

Read the CNN story HERE.

Read the Bloomberg News story HERE.