Why? Because failure to negotiate adequate terms of cuts and revenue (something we now expect from the Republican party) automatically triggers an expiration of the Bush Tax Cuts. The Party of NO just painted themselves into a corner.
JM Ashby explains further:
The highly ironic, and hypocritical, thing is that a failure of the Committee would appear to be the most beneficial outcome if you’re really concerned about the federal deficit. The Bush Tax Cuts are the single largest contributor to the federal deficit, as the graph above clearly demonstrates, and the Republicans have been fighting tooth and nail to extend them.
President Obama is not a dummy, nor is the Democratic leadership in congress. They knew the Republicans would never sign off on genuine tax increases, therefore the only way to achieve that was through trickery. And if the Super Committee fails, President Obama’s “Rope-a-Dope,” as Lawrence O’Donnell called it, will have come full-circle.
It would be amusing if the Republican party weren’t a reality we all have to live with, as is — pledged to Grover Norquist, until 2012.