Super Committee Stumbles
Group expected to announce failure to reach compromise on debt reform.
If Washington's "debt super committee" can't agree on how to cut over a trillion dollars from the federal debt, then automatic cuts that no one wants kick in.
Wednesday is the official deadline, but to make that lawmakers need a plan in writing to get a cost estimate by today.
No one seems optimistic.
The 12 lawmakers on the debt super committee admit there's little hope left.
Today the Democrat and Republican co-chairs are expected to issue a joint statement admitting defeat.
Democrats want more taxes.
Republicans want more spending cuts.
Republicans insisted on over half a trillion in spending cuts that Democrats said could end Medicare And Medicaid.
Republicans also refused to give up Bush-era tax cuts.
The White House accused congress of avoiding accountability.