It's official: supercommittee fails
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This afternoon, it became official: the supercommittee has failed. After months of partisan wrangling over the best way to reduce the nation’s long-term budget deficit, the committee decided to do nothing at all. The news is particularly disappointing considering the group was formed amid assurances they would be able to do the unthinkable – work with their colleagues to form an unprecedented bipartisan proposal to stabilize the nation’s growing debt and ultimately spark a recovery.
The co-chairs of the supercommittee, officially the Joint Select Committee on Deficit Reduction, Rep. Jeb Hensarling and Sen. Patty Murray released a statement addressing the failure. Below are excerpts. Click here to read the full text.
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.
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.
Under current law, the supercommittee failure will spark automatic spending cuts, or sequestration, starting in 2013. Read more about this process in our sequestration fact sheet.