President Obama and his supporters are portraying the failure of the Super Committee to slash the budget deficit by $1.2 trillion over ten years as endangering the already weak economic recovery. This is absolute sophistry.
A deal acceptable to Democrats would have raised taxes on the wealthy and corporations by $25 to $50 billion, annually, and cut spending, disproportionately on defense but some other programs too by $50 to $75 billion, for a total savings of about $100.
