Failure

As probably could have been predicted, the bipartisan deficit reduction committee failed to meet its target.  News reports today have them throwing in the sponge early and trying to spin their failure.  So now the automatic cuts begin.  It's a shame that an automatic tax increase on the wealthy wasn't part of the deal.  As noted previously, we cannot balance the budget solely with cuts to social programs. The only consolation in all this is that the unnecessary and over-bloated military budget will be cut automatically also.

The real problem with the economy is not the deficit - it's jobs.  Congressional Republicans continue to stymie Obama Administration attempts to enact portions of the American Jobs Act.  No surprise there either.  The dysfunctional Congress, made ever more so by the Party of No intent on making Obama a one-term Presidnt, has upcoming votes on extensions of unemployment benefits and of the payroll tax cut.  $1.00 to your 50 cents says they won't be passed.  

In other news today:

• A financial services lobbying firm has proposed a $850,000 campaign to discredit the Occupy Wall Street Movement. (Slate, originally reported on MSNBC's "Up with Chris Hayes")
• A Fairleigh Dickinson University poll found that watching Fox News actually made a person less informed about current events than if he or she avoided watching or reading news altogether.  Gives more meaning than ever to the watch-dog group News Hounds' motto "We watch FOX News so you don't have to."
• The World Meteorological Association reports that greenhouse gases in 2010 reached their highest level ever (CO2 is now at 389 ppm - 39% higher than pre-industrial age levels).  This atmospheric CO2 concentration exceeds some of the worst-case scenarios projected by climate scientists.  The really bad news is that the rate of increase is not declining but still trending upward.
• And finally, how about those classy NASCAR fans that booed Michelle Obama and Jill Biden ?  The first and second ladies were at Homestead Miami Speedway to "promote the White House’s Joining Forces Program, which encourages Americans to pledge community service hours in honor of the troops serving abroad and send messages of support to military families". Kind of reminiscent of the Republican primary debate boos for a gay soldier and cheers for Texas executions.  What a bunch!