The Super Committee

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After weeks of secret meetings, the deficit-cutting panel established under last summer's budget deal doesn’t look like its making progress.

People close to the committee are becoming doubtful the panel will be able to meet its assigned goal of at least $1.2 trillion in savings over the next 10 years.

Failure to produce results will prompt painful across-the-board cuts to the Pentagon budget and to domestic programs, including Medicare, food stamps and Medicaid. The idea behind this so-called sequester is to force the two sides to come together because the alternative is too painful.

However, across-the-board sequester won't take effect until the beginning of 2013, which, if I'm a betting man (and I am), means Congress will simply revisit the issue after the elections in November 2012.

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