With nine days left for Congress to strike a deal to get the nation’s fiscal house in order, success or failure for the 12-member “super committee” are both still plausible outcomes. Congress set a self-imposed deadline of Nov. 23 to come up with a deal.
The panel needs seven votes on a deal to force at least $1.2 trillion in deficit reduction over the next 10 years. Sen. Pat Toomey (R) of Pennsylvania last week broke with his party’s anti-tax pledge to propose some $300 billion in new tax revenues. Democrats are said to be on the verge of a counterproposal, as early as today, to include new cuts in entitlement spending likely to offend their party’s base.