Bipartisan Letter to Super Committee: Blow Past $1.5T

Downgrade of AAA rating could loom

(NEWSER) - Thanks to the super committee’s super failure, Fitch Ratings has downgraded US debt outlook to negative. Fitch did not lower the US’ AAA rating for long-term treasuries, but a Fitch official says a negative debt outlook often leads to such a downgrade. That decision is not expected until late 2013, CBS News reports. “We didn't expect that the committee would be able to resolve the budget problem in one single go, but we had believed it was possible for the committee to provide a platform for developing a consensus on how to reduce the deficit,” he says. More»

Liberal bloggers pretty happy about it, too

(NEWSER) - Newt Gingrich certainly isn’t mourning the super committee’s super failure , calling it “good for America” this morning, Politico reports. Gingrich, a longtime critic of the panel, said the “gridlock” in Washington is “partly the president's fault, it's partly the Congress' fault, but it's a mess.” The former House speaker adds that he was able to push through balanced budget and welfare reform legislation in the 1990s even with a Democratic president. More»

Key issues remain on table for lawmakers as super committee throws in towel

(NEWSER) - As the debt super committee prepares for an awkward day in which it's expected to announce that it is throwing in the towel, Politico examines what's on the horizon for Washington following the failure to reach an agreement . With no workable proposal on the table, members won’t even try a vote and will likely skip the Nov. 23 deadline meeting the debt ceiling accord called for altogether. But a range of issues still need to be addressed within weeks, including the Democrats' push for an extension of unemployment insurance, President Obama’s call for extended payroll tax cuts, and adjustments to the Alternative Minimum Tax and doctors’ Medicare reimbursements. More»

Hope fading fast as deadline nears

(NEWSER) - So how go the super committee talks as the clock ticks toward the deadline of Wednesday (which really means Monday night for all practical purposes)? It's all but impossible to find even a glimmer of hope:

• Washington Post : Headline: "Supercommittee at impasse as deadline nears"; snippet: "By Friday evening, a sense of gloom enveloped the Capitol ..."
• Wall Street Journal : It says party leaders already are working on a smaller backup plan given the "bleak outlook" for a deal. "A growing disappointment gripped the Capitol ..."

But entitlements must be adjusted, speaker says

(NEWSER) - Despite Republican leaders' push against a tax hike, the super committee debt deal will include new tax revenues, John Boehner said yesterday. "I think there is room for revenues, but I think there clearly is a limit to the amount of revenues that are available." His comments follow a bipartisan letter penned by 100 House members saying revenues must be "on the table." Still, Boehner said Republicans will bend on revenues only if the Democrats are open to reforming programs like Medicare and Social Security, CBS News reports. More»