Super Committee Is Officially a Failure

The deficit-reducing Super Committee, which everyone thought would fail, has officially admitted failure in a press release today.

The deficit-reducing Super Committee, which everyone thought would fail, has officially admitted as much in a press release today. It's co-chairs released a statement saying that they're "deeply disappointed" that they haven't come to an agreement. Here's the statement in full via Talking Points Memo:

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.

"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.  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.

"We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us. Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task.

"We would also like to thank our committee staff, in particular Staff Director Mark Prater and Deputy Staff Director Sarah Kuehl, as well as each committee member's staff for the tremendous work they contributed to this effort.  We would also like to express our sincere gratitude to Dr. Douglas Elmendorf and Mr. Thomas Barthold and their teams at the Congressional Budget Office and Joint Committee on Taxation, respectively, for the technical support they provided to the committee and its members."

Update:  President Obama gave a brief address about the committee's failure, pointing the blame at Republican members and saying that "he will veto attempt to undo automatic spending cuts that would kick in in 2013," wrote the Associated Press. As of now, the lack of a deal hasn't meant a downgrade for the United States credit rating, the S&P says that the U.S. rating is unaffected by the fiscal committee impasse, reports CNBC.