Debt Super Committee Fails To Reach Agreement

Source: Ted BarrettKate Bolduan and Deidre Walsh / CNN

Facing harsh reaction from financial markets and a frustrated public, the congressional “super committee” negotiating a possible deficit reduction agreement announced Monday it has failed to reach a deal.

A statement from the panel’s co-chairs said that “after months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline.”

It came after last-minute talks Monday on what one participant billed as a “new idea” in an effort to salvage agreement on a deficit reduction deal.

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