A special congressional supercommittee acknowledged failure Monday in efforts to cut the federal deficit by at least $1.2 trillion. The panel’s failure was announced in a joint statement issued in late afternoon after the close of U.S. stock markets, which plunged during the day.
“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,” the co-chairman of the panel said in a joint statement. “Despite our inability to bridge the committee’s significant differences, we end this process united in our belief that the nation’s fiscal crisis must be addressed and that we cannot leave it for the next generation to solve,” the statement said. “We remain hopeful that Congress can build on this committee’s work and can find a way to tackle this issue in a way that works for the American people and our economy.”