A special congressional committee created to try to curb the national debt abandoned its work and conceded failure Monday, the latest setback in a long effort by Washington to overcome ideological differences and stem the rising tide of red ink.
In a joint statement issued hours before a midnight deadline, the Democratic and Republican leaders of the panel said that they were “deeply disappointed” by their inability to reach an agreement and that they hope for progress in the months ahead.
Congress' supercommittee conceded defeat Monday in its quest to conquer a government debt that stands at a staggering $15 trillion, unable to overcome deep and enduring political divisions over taxes and spending. (Nov. 21)
The ‘fiscal cliff’ in graphs and GIFs
“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,” said the statement from Rep. Jeb Hensarling (R-Tex.) and Sen. Patty Murray (D-Wash.). “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.”
The collapse of the “supercommittee” offered fresh evidence of partisan gridlock and legislative dysfunction as policymakers gird for the 2012 elections with the White House and Congress up for grabs.
The breakdown left the nation facing the prospect of automatic reductions to government agency budgets in January 2013 — an outcome that both parties agree could damage the military and government services such as law enforcement, food inspection and transportation safety.
Some GOP lawmakers immediately issued statements vowing to stop the Pentagon cuts. But President Obama sought to block that effort, threatening Monday to veto any legislation aimed at softening the impact of the cuts unless Congress approves a broader debt-reduction plan. Obama urged lawmakers to revisit that task as soon as they return from the Thanksgiving break.
“Already, some in Congress are trying to undo these automatic spending cuts. My message to them is simple: No,” the president said in a televised statement that marked his reentry into the debt debate after weeks of keeping his distance as Congress flailed.
“There will be no easy off-ramps on this one. We need to keep the pressure up to compromise, not turn off the pressure,” he said. “The only way these spending cuts will not take place is if Congress gets back to work and agrees on a balanced plan to reduce the deficit by at least $1.2 trillion. . . . They’ve still got a year to figure it out.”
Congressional leaders in both parties pledged to press on. But in statements issued Monday, they spent more time blaming one another for the political paralysis that has nearly shut down the government twice this year and that in August pushed the U.S. Treasury to the brink of defaulting on the national debt. Although the supercommittee’s failure will not result in an immediate calamity, analysts said it probably will further erode public confidence in Washington — particularly in Congress, which already is held in historically low regard.
At a scathing news conference, New York Mayor Michael R. Bloomberg (I) blamed Obama and lawmakers in both parties for the stalemate, calling the supercommittee collapse a “damning indictment of Washington’s inability to govern this country.”
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