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Supercommittee collapse reshapes looming 2012 election fight
The failure of the deficit reduction supercommittee triggers $1.2 trillion in automatic cuts starting January 2013, with half from defense and the rest from education agriculture and environmental programs. Bush era tax cuts expire end of 2012 raising taxes for all. Obama favors mixed cuts and tax hikes on the wealthy while Republicans oppose tax increases. The stalemate accelerates political battles as candidates must present deficit plans amid a fragile economy and looming election dynamics. Public polls show broad support for tax hikes on the wealthy, complicating campaign strategy for both parties.
MENTIONED IN THIS ARTICLE
Washington
Congress
Barack Obama
Obama
George W. Bush
Defense
Leon Panetta
Kevin Madden
House
Mitt Romney
White House
Oval Office
Jay Carney
John Boehner
Ohio