The deficit-cutting congressional supercommittee is expected to announce tomorrow that it has failed to reach agreement on at least $1.2 trillion in federal budget savings, a Democratic aide said.
The aide, who wasn’t authorized to discuss internal matters publicly and requested anonymity, said in an e-mail this afternoon that it was highly unlikely that the talks could be salvaged. Tomorrow is the deadline for the Congressional Budget Office to receive a plan that it can analyze before the committee’s Nov. 23 target date for reaching an agreement.
Earlier today the supercommittee’s Republican co-chairman, U.S. Representative Jeb Hensarling of Texas, said the 12 panel members faced a “daunting challenge” as they sought to bridge gulfs over taxes and spending.
The panel has been deadlocked over taxes, with Democrats seeking tax increases on high earners while Republicans were pushing for an extension of tax cuts enacted under President George W. Bush. Another sticking point has been the Republicans’ call for cuts, over Democrats’ opposition, in entitlement programs such as Medicare.