Paulson’s Down Payment

If the supercommittee fails to reach a deal by November 23, it will trigger across-the-board spending cuts. Alarmed by the increasing probability that this worst-case scenario will come to pass, members of Congress are considering adjusting the trigger or eliminating it altogether.

“The sequester will never take place,” Rep. John Garamendi (D., Calif.) promised the New York Times. “It’s not going to happen.”

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