Obviously Reid does not want a plan to come out of the supercommittee unless Republicans allow significant tax increases, and since we can count on McConnell and Boehner to be at least as stubborn as Reid, we should get ready for no plan and then the automatic cuts. As Ezra Klein predicted:
Perhaps this deal signals the end of the need to actually reach an agreement, however. If the Joint Committee fails, the trigger begins cutting spending. If negotiations over taxes fail, the Bush tax cuts expire and revenues rise by $3.6 trillion. Neither scenario is anyone’s first choice on policy grounds. But you can get to both scenarios without Republicans explicitly conceding to higher taxes or Democrats explicitly conceding to entitlement cuts in the absence of higher taxes. Politically, that’s the lowest-common denominator, and that might mean it’s also the only deal the two parties can actually make.