‘Supercommittee’ Fails to Reach Agreement, Obama Threatens to Veto Any Effort to Get Rid of $1.2T in Automatic Cuts

Posted on November 21, 2011

(The Blaze/AP) Congress’ supercommittee conceded ignominious defeat Monday in its quest to conquer a government debt that stands at a staggering $15 trillion, unable to overcome deep and enduring political divisions over taxes and spending.

Stock prices plummeted at home and across debt-scarred Europe as the panel ended its brief, secretive existence. Republicans and Democrats alike pointed fingers of blame, maneuvering for political advantage in advance of 2012 elections less than a year away. Both sides agreed action was still required, somehow, and soon.

“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 panel’s two co-chairs, Sen. Patty Murray, D-Wash., and Rep. Jeb Hensarling, R-Tex., said in a somber statement.

They added it was not possible to present “any bipartisan agreement” – omitting any reference to the goal of $1.2 trillion in cuts over a decade that had been viewed as a minimum for success.

President Barack Obama held a press conference at 5:45 p.m. Monday to discuss the committee’s impotence, and threatened that he will veto any effort to get rid of automatic spending cuts that would take effect in 2013 if Congress can’t find other ways of trimming government deficits:
CONTINUED and VIDEO HERE:
http://www.theblaze.com/stories/deficit-reduction-supercommittee-confirms-failure/