The leaders of the both houses have put the "Super-committee" together with their respective members from both the Senate and House.
We wrote an article on this yesterday, but since this is on the final phase, we thought we should make a bold prediction about this committee. There are several possible outcomes from this committee, and of course, they are all equally disastrous if you are a middle-class guy. One is that Republicans not budging on tax-cuts at all, and if that's the case, all we are going to have it spending cuts. Second scenario is the so-called Grand-bargain, which would cut taxes for corporations, take their tax loopholes away, and also cut social security and medicare. So middle class people pay more taxes and the corporations pay less. Other possibility is, if they is a stalemate, there would be equal cuts to spending and entitlements, and defense. Out of all the three possibilities, last approach would the be the best, but President Obama would go along with any of the three listed above. You might be asking yourself when Obama is in change, why there's no progressive outcomes, like increasing taxes on the rich, part of this deal. The fact of the matter is, because of President Obama's and Democrats lack of leadership on progressive principles, there wouldn't be a progressive deal.
Here's the bold prediction about all of this: the final deal comes out this committee would be largely favor the Republicans, but President Obama would sign it into law, because all along, Obama has been urging the both sides to compromise - but we've seen how compromise worked in the past. President Obama should say constructive compromise, not otherwise. Bottom-line is this deal is going to disastrous for President Obama, and it's going to massively weaken his presidency. Barack Obama going to be a weak president come 2012 general election, and it'd be interesting to see how he's going to defend himself.