The Congressional Supercommittee charged with cutting $1.2 trillion dollars from the federal deficit have admitted defeat, announcing Monday afternoon that they have failed to reach a deal to cut the nation's debt. The group had a Wednesday deadline, but the framework of any deal needed to be sent to the Congressional Budget Office by Monday night in order to be scored by Wednesday.
FOX News Radio's Mike Majchrowitz has details from the White House:
With the failure to reach a deal, automatic cuts split between domestic and defense spending are set to kick in.
FOX News Radio White House Correspondent Mike Majchrowitz says President Obama doesn't want there to be any question about the future of those automatic cuts:
Statement from Co-Chairs of the Joint Select Committee on Deficit Reduction
The Co-Chairs of the Joint Select Committee on Deficit Reduction, Representative Jeb Hensarling and Senator Patty Murray, released the following statement:
"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.
"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. 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.
"We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us. Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task.
"We would also like to thank our committee staff, in particular Staff Director Mark Prater and Deputy Staff Director Sarah Kuehl, as well as each committee member's staff for the tremendous work they contributed to this effort. We would also like to express our sincere gratitude to Dr. Douglas Elmendorf and Mr. Thomas Barthold and their teams at the Congressional Budget Office and Joint Committee on Taxation, respectively, for the technical support they provided to the committee and its members."
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