WASHINGTON |
WASHINGTON (Reuters) – After months of talks, the high-profile congressional effort to rein in the ballooning U.S. debt is expected to end in failure on Monday with negotiators announcing they could not bridge deep divides over taxes and spending cuts.
The Republican and Democratic leaders of a 12-member congressional “super committee” are set to declare defeat in a joint statement later on Monday. They failed to find enough common ground on a package of at least $1.2 trillion in deficit reduction over 10 years.
As the clock ticked down to a Monday deadline to publish the results of any deal, a small group of panel members gathered for a last-ditch effort to compromise. When the meeting broke up, lawmakers – some serious, others amused by the media hordes – said they were having last-minute talks and a statement would be released later.
Congressional aides who have worked closely with the panel said they had little hope of any progress
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