Budget-Cutting Super Committee has Failed to Come to an Agreement

The "Super Committee" has failed to reach an agreement to reduce deficit spending.

In as statement released by the committee's co-chairs, the committee was unable to to come to an agreement and that "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."

The stock market reacted to the failure of the super committee as well as the European debt crisis. The Dow Jones Industrial Average fell to 300 points and then staged a small recovery to end still in the red with a 248-point drop.

The President's Press Secretary, Jay Carney had this to say, "Congress assigned itself a job; assigned 12 of its own members a task -- a task that wasn't really that difficult to achieve if there was a willingness to compromise."

In a press conference this afternoon, President Obama, in response to the GOP's action to "defuse the automatic spending cuts in defense spending, said, "I'll veto any effort to get rid of automatic spending cuts if Congress fails to reach a deficit deal."