Super Committee Fails to Reach Deficit Agreement - Billy House - NationalJournal.com: "The declaration came late Monday afternoon in a written statement from the 12-member Joint Select Committee on Deficit Reduction despite last-second discussions in closed-door meetings.
The committee, in the end, could not resolve that Republicans would not go as far as Democrats wanted on allowing more revenue raisers, and Democrats did not want to move on entitlement reforms. Intense messaging by both political parties on which was more to blame is surely to spill out for days, if not months.
The super panel was created with extraordinary, fast-track powers this summer under the law agreed to by Republicans and Democrats during the debt ceiling crisis. That same law now says its failure will trigger $1.2 trillion in automatic cuts over 10 years, starting in 2013. That so-called sequestration is to include cuts to Pentagon spending."
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