With the twelve person committee evenly split between Democrat and Republican, each side was not going to give in to the other.
Compromise was never on the agenda.
Although it can slide until Wednesday, the real deadline is midnight tonight, to leave 48 hours for the Congressional Budget Office to go over the proposals.
There is no bill and there won’t be.
The committee hasn’t met for three weeks.
Unable to reach the goal of cutting $1.2 trillion from the national debt automatic cuts will cut in unless Congress as a whole stops everything.
Democrats turned down a fallback deal offered Friday by Republicans that would slice $643 billion from the debt over the next decade.
It was aimed at areas other than Medicare and Social Security, entitlement programs that Democrats said they would never cut.
Republicans called their offer a “last ditch effort.”
Both sides are not in full-time damage control – blaming the other with the supercommittee’s failure.
As usual it all died over taxes.
Democrats said no to Friday’s offer it centered on cuts alone, and doesn’t include any new revenue – something they demanded as part of any “serious” proposal.
Republicans say their offer contained $229 billion in new revenue, which included new money from land sales.
It included $316 billion in spending cuts and $98 billion in interest savings.
Unless the fear of failure forces the sides together into last-ditch negotiations toward a deal in the next 12 hours, a series of automatic cuts, including “irresponsible” reductions in defense spending, will be triggered.
This will reverberate through the 2012 elections as 72 House members from the conservative Republican Study Committee told the Super Committee that they won’t accept any tax hikes or new revenue — under any circumstance.
It’ll all come down to President Obama campaigning on a balance of tax hikes and spending cuts and with the GOP nominee campaigning on keeping the Bush tax cuts and cutting discretionary and entitlement spending.