From THE HILL:
Congressional leaders have until Aug. 16 to name the 12 members of the newly created “supercommittee” to deal with reducing the deficit, but special interest groups are wasting no time in pushing their choices for the panel.
The debt-ceiling-increase legislation enacted Tuesday created a bicameral, joint committee of 12 legislators charged with finding at least $1.2 trillion in deficit cuts by Nov. 23.
Failure to come up with a plan will result in deep automatic defense and Medicare cuts.
One wrong pick, lobbyists on the right and left said Wednesday, could swing the panel toward a terrible compromise. So they are not taking chances.
These sources are already urging leaders to pick top lieutenants who will stick to party positions — no entitlement cuts for Democrats and no tax increases for Republicans.
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From POLITICAL HOTSHEET at CBS NEWS:
Vice President Joe Biden’s deficit reduction talks imploded today after the only two Republicans involved in the negotiations announced they are halting their participation because of their objections to Democratic demands for “tax increases.”
Democrats meanwhile, suggested Republicans are “playing with fire” by holding up a vote on raising the debt ceiling.
House Majority Leader Eric Cantor announced this morning that he would skip today’s scheduled meeting because “Democrats continue to insist that any deal must include tax increases.”
Subsequently, Republican Sen. Jon Kyl of Arizona announced he was pulling out of the negotiations.
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