Debt-reduction panel spirals (swirls?) toward failure

A months-long effort to set U.S. finances on a sustainable course appeared likely to end in failure on Monday as lawmakers in Congress were unable to bridge a deep divide over taxes and benefits.

Republican and Democratic lawmakers cast doubt on any possibility of agreement in appearances on Sunday political talk shows. Without some unexpected breakthrough, aides said, a 12-member bipartisan "super committee" tasked with drawing up a deficit-cutting plan will admit defeat on Monday.

Some of the panel members pointed fingers on Sunday as the clock ticked toward an imminent deadline. The committee must vote on any deal by Wednesday, but Monday is the deadline to have legislation written and presented to the committee.

...

If the panel does not reach a consensus, automatic spending cuts of $1.2 trillion over 10 years are due to kick in starting in 2013.

http://www.reuters.com/article/2011/11/21/us-usa-debt-idUSTRE7AJ0KE20111121

---

By 2013 there will be another congress and possibly another president. Meanwhile, not a damn thing will happen.

the will all spend the next year pointing at the other guys and blaming them, meanwhile they have a lot of things to hold as hostage once again.... bunch of irresponsible clowns.