POLITICO: … With less than a week until the deadline, both parties appear ready to rally around their competing proposals — setting up a partisan showdown in the days before Thanksgiving.
Both proposals are like to fail in the Joint Select Committee on Deficit Reduction Wednesday.
Right now, the focus is on two plans. The Republican plan, put forth by Sen. Pat Toomey (R-Pa.), which has $250 billion in new revenue while also extending the Bush tax rates that expire at the end of 2012. This plan has support from Speaker John Boehner (R-Ohio), Senate Minority Leader Mitch McConnell (R-Ky.) and the supercommittee co-chair Rep. Jeb Hensarling (R-Texas)… (more)
