Debt Supercommittee Headed for Gridlock

By August 16th, leaders in both chambers of Congress must appoint three members each to serve on the Joint Select Committee on Deficit Reduction. At the time of this writing, nine members have been announced, with only Nancy Pelosi’s selections yet to be released. The committee picks do not yield much hope for a bipartisan agreement by November 23, and turning the slim area of ideological convergence into a bipartisan deal with cuts of $1.2 trillion will be a formidable task. Continue reading →