Schumer: Deficit panel unlikely to succeed
WASHINGTON (AP) — A top Senate Democrat says that a deficit "supercommittee" is unlikely to succeed because of a deadlock over taxes.
New York Democrat Charles Schumer told MSNBC's "Morning Joe" that the congressional deficit panel probably won't agree on a plan to cut $1.2 trillion from the deficit over the coming decade "because our Republican colleagues have said no net revenues."
The bipartisan group has just over two weeks to report its recommendations. A recent exchange of offers revealed a deep rift on taxes, with Democrats recommending a $1.3 trillion increase in tax revenue as part of a $3 trillion plan that includes a sweeping overhaul of the tax code. Republicans rejected the idea.
Democrats insist they won't agree to cut popular benefit programs without Republican concessions on taxes.