iOS app Android app More

Chuck Schumer: Super Committee Likely To Fail At Finding Cuts

Visit for breaking news, world news, and news about the economy

ANDREW TAYLOR   11/ 7/11 11:44 AM ET   AP

WASHINGTON — A top Senate Democrat says that a deficit "supercommittee" is unlikely to succeed because of a deadlock over taxes.

New York Democrat Charles Schumer told MSNBC's "Morning Joe" that the congressional deficit panel probably won't agree on a plan to cut $1.2 trillion from the deficit over the coming decade "because our Republican colleagues have said no net revenues."

The bipartisan group has just over two weeks to report its recommendations. A recent exchange of offers revealed a deep rift on taxes, with Democrats recommending a $1.3 trillion increase in tax revenue as part of a $3 trillion plan that includes a sweeping overhaul of the tax code. Republicans rejected the idea.

Democrats insist they won't agree to cut popular benefit programs without Republican concessions on taxes.

Subscribe to the HuffPost Hill newsletter!
Filed by Nick Wing  |