As the November 23 deadline looms for the Joint Select Committee on Deficit Reduction — the “supercommittee” — to approve a deficit-cutting proposal or disband, the GOP again seems to be running the substantial risk of stealing defeat from the jaws of victory.
Recall that in the early part of the summer, House Speaker John Boehner was in the thick of negotiations with President Obama over the parameters of a “grand bargain” on the budget. The deal that was then under discussion would have required the GOP to agree to an $800 billion tax increase in return for Democratic support for entitlement reform.
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