The bi-partisan congressional committee is responsible for finding $1.2 trillion is budget cuts by November 23rd. However, most economists believe that if the supercommittee fails to come up with a plan, the US credit rating could be downgraded.
Although the deadline is November 23rd, the supercommittee has until Monday to let the Congressional Budget Office (CBO) of the impact of the cuts to the government.
If the supercommittee fails to come to an agreement and submit their plan, a series of automatic budget cuts will be triggered. The cuts will not occur until 2013 which is after the 2012 elections.
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