After weeks of "intense deliberations," co-chairs of the debt super committee officially announced they failed at reaching any kind of deal.
Representative Jeb Hensarling and Senator Patty Murray, Co-Chairs of the Joint Select Committee on Deficit Reduction, said the country's "fiscal crisis must be addressed" right away and "cannot leave it for the next generation to solve."
Check out the full 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.
The panel was established as a result of this summer's drawn out debt ceiling negotiations. Remember that?
They were tasked with coming up with finding a way to cut at least $1.2 trillion from the budget over 10 years. They ran into expected spats over taxes and government–funded programs like Medicare and were unable to work out a bipartisan agreement.