Failure on the part of the super committee will likely cause a credit down rating of US bonds and that in turn will increase the borrowing costs of States, Counties, cities and special districts across the USA.
Let me show you a specific example of what Failure on the part of the Super Committee is likely to cost just one state during a 2-year period.
http://www.komonews.com/news/local/134052428.html
“...And then there's Sen. Patty Murry, and the supercommittee trying to come up with federal budget cuts.
“I'm not counting on anything coming out of the supercommittee. I've totally discounted any federal action until after the next election,” Raha said.
Raha warned that if Italy goes bankrupt or Congress doesn't make cuts, Washington state's money woes climb from about $2 billion to $4 billion. Legislators say they can't plan for that sort of contingency....”
What the ????? Oh, you’re being droll, you little rascal you. Droll, droll, droll.....yesiree Bob.....droll.