How broken is government in Washington? So broken that Democrats and Republicans don’t even need to wait until the last minute to announce their failures. After all, it’s clearly a foregone conclusion — so why fake it?
The 12 members of the bipartisan congressional supercommittee given the task of finding spending cuts of $1.2 trillion admitted on Sunday night that they are heading for failure. As a result, the U.S. government and financial markets are wrapped in turmoil and uncertainty — again.
This shouldn’t be a surprise to anyone. I wrote last week why the supercommittee would fail, and how the market would sell off sharply as a result. I was hardly the first to say that, and it’s hardly news to anyone watching these so-called “negotiations” on Capitol Hill. Read