After weeks of hyping the consequences of failure of the debt-ceiling supercommittee, lawmakers and political reporters will soon have to admit that it wouldn’t be such a big deal after all.
Failure, as the software industry joke goes, is not a bug. It’s a feature.
Power Play still expects the 12-member, bipartisan, bicameral group to cough up something on Wednesday – less than the $1.2 trillion in decreases to the size of future deficits, but at least the last bits of easy budgetary lifting to be done through accounting gimmickry, etc. But there is an increasingly more sanguine mood among lawmakers and staffers about the prospect of total failure.
That stems from two things. First, there are a considerable number on the right and left who aren’t so worried about the once-dreaded “sequestration.” While ultra hawks are adamant that there can be no cuts to Pentagon spending and hard-line liberals are in a rage over the idea that there would be any reduction to Medicaid, there is a growing sentiment for just letting the reductions happen.