Super Committee Braces For Failure, Preps For Fallout

Democrats and Republicans are gearing up for a political showdown following the seemingly inevitable collapse of super committee negotiations.

Though the 12-member panel technically has until Wednesday to reach an agreement on a deficit-reduction package, a potential deal must first be reviewed by the Congressional Budget Office and be made available to the committee for two days prior to a vote, making Monday the effective deadline.

Democratic and Republican members of the super committee took to the airwaves over the weekend to prepare the nation and Congress with an approaching truth; the bipartisan, bicameral unit has failed to reach an agreement.

“From the Democratic side, it was the same thing. Raise taxes, pass the presidnet’s jobs bill, no entitlement reform,” said Sen. Jon Kyl (R-Ariz.) on NBC’s “Meet the Press. “On the Republican side, you had the one true breakthrough and that was this new concept of tax reform which could generate revenue from upper brackets.”

Democratic Sen. Xavier Becerra (Calif.) countered on “Fox News Sunday,” arguing that the concession made by Republicans on revenues was of little significance.

“Remember, we have 1,400 multimillionaires in this country who didn’t pay a single bit of income taxes in 2009. Why should they escape participation when we’re akin seniors to help cover the costs of deficits… that the didn’t even cause?” he said.

Aides close to the negotiations admit that, as unlikely as it may be, a last minute deal could still make its way to the CBO before the end of the day.

“I’m at the table,” said Sen. Patty Murray (D-Wash.) on CNN’s “State of the Union.” “I want to solve this. I know Americans want us to solve this. I remain hopeful that someone on the other side will say, this is too important to fail.”

Despite the potential for a last ditch effort to reach an agreement, partisan finger pointing has already begun within the 12-member panel as Democrats blame Republicans for digging their heels in the ground on taxes and Republicans have charged Democrats with being unwilling to put entitlements on the table.

“On the other side, there was an insistence that we have a trillion-dollar tax increase [and] and unwillingness to cut any kind of spending at all unless there was a huge tax increase,” said Sen. Pat Toomey (R-Pa.) on CBS’ “Face the Nation.”

If, in fact, the super committee does announce failure Monday, a series of automatic cuts would shed $1.2 trillion from the deficit over ten years which includes a big chunk from defense spending. Republicans will attempt to alter the required cuts so as to lessen the impact on the nation’s defense system, but according to reports, Democrats will block this move unless the GOP allows the Bush-era tax cuts to expire for the wealthiest Americans.