The U.S. budget deficit is worse than ever. Taxes already have been raised, so efforts to narrow the shortfall should focus only on spending. The only fair deal is a straight trade: relief from the cuts under sequestration in return for reductions to entitlements. Yet there's no incentive for Democrats to go along.
All of these statements are accepted by the public and important politicians. All are false.
History suggests the new House-Senate budget committee, due to report by Dec. 13, will strike out. The Bowles-Simpson panel's deficit-reduction proposals in 2010 didn't lead anywhere, Congress' two budget committees haven't met in years, and a special leadership-designated "supercommittee" designed to prevent automatic cuts under sequestration reached a stalemate.