In it, but not of it. TPM DC
"If a joint committee bill achieving an amount greater than "$1,650,000,000,000" in deficit reduction as provided in section 401(b)(3)(B)(i)(II) of this Act is enacted by January 15, 2012, then the amendments to the Internal Revenue Code of 1986 made by subtitles A through E of title IV of the American Jobs Act of 2011, shall not be in effect for any taxable year."
In other words, the White House's first choice would be for the Super Committee to "go big" and find much more deficit reduction than they're obligated to by the debt limit law. And they would count those additional savings toward the cost of the jobs bill. But if the panel can't do more than the bare minimum, the tax increases would go into effect.
The key question for Republicans to answer is whether the tax increases work as a second-choice penalty, with the first choice being left up to the bipartisan deficit committee.
Get the day's best political analysis, news and reporting from the TPM team delivered to your inbox every day with DayBreaker. Sign up here, it takes just a few seconds.