The bipartisan so-called “supercommittee” has failed to reach an agreement on reducing the federal deficit. On Monday, Democrats and Republicans abandoned their effort for a sweeping deal after three months of talks failed to bridge deep divides over taxes and spending. A trigger of $1.2 trillion in automatic spending cuts over 10 years to military and domestic programs takes effect in 2013. President Obama faulted Republicans for the impasse.

President Barack Obama: “They continue to insist on protecting $100 billion worth of tax cuts for the wealthiest 2 percent of Americans, at any cost, even if it means reducing the deficit with deep cuts to things like education and medical research, even if it means deep cuts in Medicare. So, at this point at least, they simply will not budge from that negotiating position, and so far, that refusal continues to be the main stumbling block that has prevented Congress from reaching an agreement to further reduce our deficit.”