(Image source: Public Radio International)

BY ALYSSA CARTEE

Many on Capitol Hill are doubting the Congressional Supercommittee’s ability to come up with a plan to lower the national deficit by this week’s deadline. And, Florida Senator Marco Rubio told ABC’s “This Week” that the White House may have motives for the committee’s failure.

“I hate questioning people's motives, but I do believe that there's political strategy involved here. And I certainly think the president would like to run against a do-nothing Congress. But I hope that doesn't stand in the way of meaningful legislation, particularly out of the super committee.”

Rep. Jim Jordan told Bloomberg he thinks the committee is focusing on the wrong issue.

“This supercommittee cannot get an agreement on cutting spending of $1.20 trillion over 10 years in light of the fact that we have seen record levels of spending increases, unprecedented spending. We had one bill that almost increased spending $1 trillion in one bill. The stimulus package. It is ridiculous. It is all about the spending. For people to say we have got to have tax revenues, that misses the point.”

The Vice-Chair of the Federal Reserve told CNBC she hopes the supercommittee will step up to the plate.

“We have not been able to get on top of this deficit problem. Our normal processes of government seem to be totally broken. The supercommittee has a chance, with extraordinary powers, to do what is necessary to reduce the looming deficits.”

And The Guardian reports there could be serious economic consequences if the committee doesn’t come up with a plan fast.

“Failure to reach an agreement on what is essentially a small reduction on the deficit – just 0.7% of gross domestic product in 2013 – could trigger another rating's agency downgrade, warned economists including Paul Ashworth, chief North American economist at Capital Economics.”

The committee has until midnight Monday to present a bill that needs to be passed by Wednesday.