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Survey: Experts Predict Super Committee Deal

Amid a glimmer of hope of a breakthrough in “Super Committee” deliberations, a slender majority of Fiscal Times budget and political experts surveyed this week predicted the 12-member bipartisan congressional panel will meet its looming deadline to reach accord on a major deficit-reduction plan.

The committee, created by Congress and President Obama last summer as part of a deal to raise the debt ceiling, has until Nov. 23 to submit its proposals to Congress for action to avert automatic spending cuts or “sequestration” that could wreak havoc with the defense budget and many social programs. After months of refusing to consider tax increases as part of an overall agreement, congressional Republicans late Monday offered to increase tax revenue by nearly $300 billion over the next decade through an overhaul of the federal tax code.

A mere seven of the 13 Fiscal Times experts surveyed said they believe the panel, co-chaired by Sen. Patty Murray, D-Wash., and Rep. Jeb Hensarling, R-Tex., will agree to $1.2 trillion of savings over the coming decade, the minimum the committee must approve to prevent the automatic defense and domestic program cuts. Committee members might have to resort to budget accounting gimmicks in order to achieve even that relatively modest goal, the experts said.

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