To the surprise of nobody, the Congressional Supercommittee tasked with coming up with $1.2 trillion in deficit-cutting measures has completely failed.
If the definition of insanity is doing the same thing over and over again and expecting different results, then Washington is officially bonkers. The entirely predictable face-plant of the Supercommittee came on the heels of the highly predictable failure of the Simpson-Bowles Commission and the Obama-Boehner grand bargain talks.
You don't have to have a Ph.d. in political science to grasp the dynamic at work. The White House has a set of preferences, which it has laid out here. But it doesn't spend a lot of time campaigning for them, and it doesn't believe that getting intensely involved in the negotiations will help move the ball. Democrats aren't entirely sure what they want, though they insist any large deficit reduction deal must include significant tax increases, preferably on higher-income earners and companies. Otherwise, they won't consider significant changes in en lements that their forebears created, like Social Security and Medicare.
As for Republicans, there are two things they aren't interested in: (1) raising taxes; and (2) doing a large deal with President Obama that will give him an achievement going into the next election ..