BOSTON (CBS) – The debt “super committee” is officially throwing in the towel, announcing it could not reach a deal to cut the deficit.

WBZ NewsRadio 1030’s Laurie Kirby spoke to Rep. Jim McGovern about the failed deal:

The Dow dropping 249 points tells you what the markets thought of this latest example of DC gridlock.

And as a result, according to Congressman Ed Markey, the failure to reach a deal will trigger potentially “devastating” cuts in Massachusetts.

Or, maybe not.

Watch Keller @ Large:

“We do not believe that the wealthiest people in America should get another tax cut at the expense of people on fixed incomes, elderly, people on medicaid and others having to ante up more,” said Rep. Markey.

Republicans claim they were prepared to have the rich pay more, but Democrats weren’t serious about curbing deficits and debt.

Whoever you believe, their failure is supposed to now trigger automatic cuts.

But Markey, who wrote a report claiming the automatic cuts would gut federal funds we rely on for our crucial health care and research sectors, said he now expects a bipartisan retreat from those cuts.

“Jon Kyl and John McCain have already signaled that they’re gonna walk away from the automatic cuts for defense spending. So, if that’s the case, then the same thing will probably happen with regard to the cuts that will impact on social programs,” said Markey.

Congress has plenty of time to scuttle those cuts, which were part of the debt-ceiling deal last summer, since they were conveniently timed to occur after next year’s election.

WBZ NewsRadio 1030’s Lana Jones spoke to Gov. Patrick about President Obama’s role in the failed deal:

But, they have less than six weeks to deal with a 50% hike in the social security tax and the end of emergency unemployment benefits, and both are due to happen on New Year’s Day.

Comments (17)
  1. BostonIrish says:

    I say remove the politicians from the equation. Let the default bylaws take over and to Hades with those guys.

    1. gramps says:

      ‘Term Limits’…..EASY!

      Next problem.


  2. Italo says:

    Did anyone think that they would reach agreement? It’s 2011; politicians don’t vote in the interest of their constituents, they only now always vote with an eye to their party’s ideology and staying in their lifelong-career position of politics.

  3. Willow says:

    Didn’t expect for anything to be resolved, so no disappointment here.

  4. Tsal says:

    None of the consequences are even realized until 2013 – after the election. We know the republicans want to take a wait and see position until then. My guess is the democrats don’t mind doing so either. So we sit and watch as the latest super power crumbles. Why not. Greed has taken all of the super powers in history

    1. Willow says:

      Tsal, it seems our government believes it can never happen to America. I’m sure ALL the great empires was once as naive.

      1. Willow says:

        Should be “were” once as naive.

  5. Ellen says:

    What ever happen to compromise. No with these buffoons it’s my way or the highway. Vote them all out. I can’t stand any of them.

  6. miket says:

    (as pictured above kerry looks like he needs some gas-x)

  7. andyme says:

    Did anyone think thast the SC would come up with a solution. Throough it to committee and watch the CF. Can anyone tell who the leader of the SC was?

  8. Enough says:

    It’s all a blame game. The Dems blame the Repubs, the Repubs blame the Dems. Blame corporate greed all you want, but the politicians are what is destroying this country. No one wants to risk losing votes and pi$$ing off the people who vote for them or, more likely, contribute $ to their campaigns. None of them have halos over their heads.

  9. B says:

    Let me get this straight.

    This “Super Committee” was established to find reasonable cuts and to limit wasteful spending.

    Kerry was on the committee

    The same Kerry who asked for what ? 1 billion dollars of federal money and for what ? COUNT FISH

    Are you freaking kidding me ?

    Here is a thought.

    It is common practice that outside consultants are called in to evaluate a corporation’s budgets. They have nothing at stake, no immediate interest. They are neutral and will look at the number unbiased.

    Call them in to review the Federal budgets.

    The politicians has their heads so far up the lobbyist’s #$^*# that they could never make an unbiased decision on our tax money. No matter how Super, Magnificant or Fabulous you call any committee

    1. Just Ridiculous says:

      The same Kerry who put his shiny new yacht out of state to avoid….. oh wait, he said he wasn’t avoiding paying taxes. Silly me

    2. tsal says:

      its the government that set up all of the regulatory laws for the banks – let them be under scrutiny of same regulators – good idea B

  10. StanleyRamon says:

    I wonder how long we working stiffs would have our jobs if the boss assigned us to be on a special committee to solve a particular problem and our solution was “sorry, couldn’t work it out”. How much money do you suppose the SC cost us?

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