This is the Cato Daily Podcast for Wednesday, September 28, 2011.

I'm Caleb Brown.

The Super Committee tasked with reducing the federal deficit over a decade has

had its job complicated by the President's new-found willingness to threaten a veto.

Dan Mitchell, Senior Fellow at the Cato Institute, comments.

You said before that it's possible the best we can expect from this super committee is that

they do nothing, that they don't agree on anything, and that this sequester automatic spending

cuts occurs.

Has that changed now that the president has essentially drawn a line in his sand and said

he will not, he will not support anything,

he will veto anything that does not include a tax increase

of some amount on high-income earners.

There are three possible outcomes

for the super committee process.

First option is that they come up with some sort of a 1990 style budget deal where they have

tax increases and at least under the Washington

definition spending cuts meaning that spending doesn't grow as fast as they

previously planned that's one option the second option is that they stalemate

and that there's a sequester.

And the third option is that they stalemate and then decide to just repeal the law

so that they don't have the sequester.

Obama's pledge that he will veto anything that doesn't have a

...