Schumer: Deficit panel unlikely to succeed

WASHINGTON (AP) ? 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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2011-11-07-Debt%20Supercommittee/id-260ba4c5074d4df09acc39a47171ae40

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