Doug Elmendorf, head of the CBO, laid out the simple truths of the budget situation for the Supercommittee members: 1) Austerity has produced poor results in other economies, and should be avoided if at all possible. 2) Either taxes must go up to pay for the social safety net, or the net must be radically cut to support tax cuts. 3) Spending now is a good idea, even if it produces larger deficits. 4) Obama's job plan is a good and popular proposal for helping the economy.
The Republicans on the committee are buying none of this.