Chattering about the U.S. congressional supercommittee will continue to rise to the fore now that Europe is re-saved and/or between saves. Said supercommittee will almost certainly be a complete fiasco, especially given early indications from the committee, with Democrats demanding tax increases, Republicans demanding big cuts, and both parties alternating between ignoring each other and simply making things up.
Here is Republicans making things up today:
Republicans proposed a $2.2 trillion plan, according to a Senate aide familiar with the proposal. It includes $600 million in new revenue, mostly by assuming economic growth, the aide said.
Cool. But why stop there? Why not get rid of the entire budget imbalance via assuming economic growth? And let’s give everyone a pony too.