As expected, the congressional deficit-reduction committee said it had “failed to reach an agreement on slashing the U.S. budget gap, a move that triggers mandatory cuts to military spending and some social programs starting in 2013,” the Wall Street Journal reports.
According to National Journal, President Obama “warned that he will veto any attempt to eliminate the automatic spending cuts that go into effect with that failure.”
He added: “There will be no easy off-ramps on this one.”
Marc Ambinder: “President Obama would have preferred the super committee produce a
bipartisan deal, but what remains is not so bad: the prospect of up to
$6 trillion in debt reduction if Congress does nothing, and the
certainty of sharply defined election-year contrasts with Republicans.”