FOX News says that automatic cuts of $1.2 trillion over 10 years will automatically kick in if the 12-member Super Committee fails to reach an agreement. Republican and Democratic members of Congress are scrambling to introduce bills to salvage their pet programs, while President Obama has the alibi that he is representing the United States on his latest Asian tour. One perceived stumbling block is that the Republicans absolutely refuse to increase any taxes. 60 Minutes points the finger squarely at Grover Norquist, head of Americans for Tax Reform, for getting nearly all the Republican politicians in Washington to sign an anti-tax pledge.
UPDATE: FOX News records this development: President Obama has threatened to veto any attempt to roll back any automatic cuts, and we believe this threat should be taken seriously. Expect all kinds of charges and counter-charges between the Republicans and Democrats between now and election day.