In super committee, Republicans, Democrats go back and forth on debt plans

After weeks of secret talks and stagnation, the super committee showed renewed signs of life Wednesday as both Democrats and Republicans offered their plans for relieving the U.S. debt crisis, reports the Boston Globe.

With a Thanksgiving deadline fast approaching, Democrats acted first with an offer that would shave $3 trillion off the U.S. debt, through a combination of spending cuts on healthcare, retirement programs and appropriations, as well as $1.3 trillion in new taxes, reports Washington Post.

The Republicans immediately rejected the plan, and offered a $2.2 trillion package of their own that would similarly make cuts to healthcare programs for the poor and elderly. The GOP continues to balk at new taxes, however, according to Politico.

With the initial plans on the table, in comes the political maneuvering. Both sides of the table called the other sides' plan as not serious, reports the Wall Street Journal. In the Washington Post article, Rep. Dave Camp (R-Mich.) questioned the timing of the Democrats' offer, reportedly saying, "You have to wonder if this is about positioning instead of about moving to resolution."

As both sides rejected the other's offer, and seem no closer to a resolution than when this process began weeks ago, many have begun to wonder what exactly will happen if the super committee does not come to the required $1.2-1.5 trillion consensus.

Roll Call's Stan Collander asked that question and came to the conclusion that nothing very catastrophic would ensue, especially in the realm of political ramifications: 

Most important of all is that the doomsday-like prophecies of immediate severe political retribution because of the across-the-board spending cuts that will be triggered if the super committee process fails are based on a serious misunderstanding of what the law mandates.

On the other side of the coin, Business Insider reports that S&P is watching what the United States and Congress does in the super committee, and warns that a failure to reach a deal could negatively affect the nation's credit rating – again.

It's important to remember is that Congress is not bound by the super committee's actions, or lack thereof, Sen. John McCain (R-Ariz.) reportedly said on NPR:

My reaction is that if there's a failure on the part of the supercommittee, that we will be amongst the first on the floor to nullify that provision. The Congress is not bound by this. It's something we passed, we can reverse it.

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