Supercommittee says it failed to reach agreement (by Steve Goldstein)
WASHINGTON (MarketWatch) -- The co-chairs of the Joint Select Committee on Deficit Reduction on Monday admitted defeat in their quest to shave $1.2 trillion over 10 years from the deficit. "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," said Sen. Patty Murray, a Washington Democrat, and Rep. Jeb Hensarling, a Texas Republican, in a statement. "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."