Super Committee Stumbles

News
Monday, November 21, 2011 - 10:58am

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.
 

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