Schumer predicts Supercommittee failure

Sen. Chuck Schumer, D-N.Y., predicted that the bipartisan deficit reduction committee charged with cutting $1.2 trillion from the deficit will fail to achieve that goal, based on the Republicans’ unwillingness to raise taxes.

“I don’t think the Supercommittee is going to succeed because our Republican colleagues have said no net revenues,” Schumer, the third-ranking Senate Democrat, said today on Morning Joe. His pessimism contrasted with House Republicans such as Rep. Mike Simpson, R-Idaho, who said Sunday that “members of Congress understand that you have to have additional revenue” and that “the market would start to tank if the super committee doesn’t come up with something.”