The supercommittee failed to reach an agreement. What does this mean for the US budget, tax code and economy going forward?

Schwab Center for Financial Research
"After months of negotiations, the Joint Select Committee on Deficit Reduction (the "supercommittee") announced that it could not reach agreement, stating: "we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee's deadline."

'The supercommittee had a deadline of November 23 to make recommendations to trim at least $1.2 trillion from the budget deficit, but the law required that the supercommittee post publicly any recommendations at least 48 hours before the deadline, or on Monday, November 21.
"What's beyond the supercommittee? Schwab answers the key questions." More...

http://townhall.com/political-cartoons/

Super Fail  "President Obama worked in at least two mentions of “fair share,” a couple of references to the top 2 percent and an oblique reference to Grover Norquist. He otherwise delivered a purely partisan broadside against Republicans in Congress, and promised to veto any effort to get around the automatic cuts built into the August law that created the debt super committee."

American Thinker:  Erskine Bowles on Obama's failed leadership  "It's what happens when amateurs are put in charge. They play political games when they should be statesman like, and try to appear like statesmen where politics should be employed. The deficit is both a policy and politics problem and Obama has failed to address the issue from either perspective."

Jennifer Rubin: The consequences of presidential weakness  "Republicans and Democrats in Congress should be crystal-clear: The president’s been AWOL from the most important domestic challenge we face. Frankly, I suspect that a stronger Democratic president would have been able to broker a deal. Actually, a stronger and more courageous president would have embraced Simpson-Bowles. But not Obama. Maybe we should get a president who doesn’t run overseas or finger-point but who leads."
More here.  Then this: The Philosophy Behind the Supercommittee Failure

Thomas Sowell has this: Failure or Success?  "If you think the goal was to solve the country's fiscal crisis, then obviously the Super Committee was a complete failure. But, if you think the goal was to improve the chances of the Obama administration being re-elected in 2012, it was a complete success."

Guy Benson : Obama's Dishonest 'Super Fail' Spin

"February 2009: "I'm pledging to cut the deficit we inherited by half by the end of my first term in office.""