Here's my take on the most (and least) likely scenarios of how the Super Committee will handle the debt reduction project:
Least Likely — They find a solution that both sides can live with, which equitably addresses the problem. My version? (Though certainly not the only one that fits these criteria.) Increase the retirement age, reduce SS and drug benefits for the top earners, cut the military by 25%, institute a new, unloopholeable 50% tax on golden parachutes. (You want to make a ton of cash at a company? Stick around and earn it, jerk!)
Average Likely — They deadlock and the predetermined $1.2 trillion cuts go into effect. (Which wouldn't make me cry, incidentally.)
Most Likely — They weasel out somehow. I mean, they passed the Budget Control Act, they can always repeal it. Or, they can fudge the numbers to make it look like they're cutting, but they're really significantly overstating future economic growth, or underestimating defense spending, or some other accounting BS.
Why is that one the most likely? It's not like the debt is top of mind like it was a few months ago. I mean, come on! There's a sex scandal in the Republican nominating field and Kim Kardashian just got divorced. Divorced! They can quietly screw over our financial future. And the quieter the better, if you're going the weasel route. I've got to think that the sheer volume of doom-saying coming out of Washington probably had something to do with those rating drops.
That's just my entirely unfounded opinion.