Will The Bond Vigilantes Visit America?

Well, there it is: the super-committee has failed.  Supposedly, this means that $1.2 trillion worth of automatic "sequesters" will kick in.  But as PJ O'Rourke remarked about a similar budget-balancing attempt, the storied Gramm-Rudman-Hollings act, "this is like trying to quick smoking by hiding your cigarettes from yourself--and leaving a note in your pocket reminding you where you hid them."  What Congress did, Congress can undo, any time it wants.  And indeed, rumor has it that they're already looking for ways "around" the sequester.

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