What if the Supercommittee Fails?

Posted November 21st, 2011 at 12:35 pm (UTC-5)
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What if the supercommittee fails?

Spending cuts totaling $1.2 trillion will be triggered if the supercommittee does not reach a deal. The cuts are to be split between defense and non-defense spending, estimated at $55 billion in each type of spending per year from 2013 through 2021.

U.S. Defense Secretary Leon Panetta has warned that such cuts could leave the U.S. military with its smallest ground force since 1940. Some programs, such as Social Security, Medicare and veteran's benefits, are exempt from cuts.

The automatic spending reductions are known as “sequestration.”