(CNN) - New York City Mayor Michael Bloomberg blasted Congress and President Obama for the failure of the so-called "super committee" to reach a deficit-reduction package Monday, calling the effects of partisan collapse "mind-boggling."
"It is this cowardice and this partisanship in Washington that is really hurting our country. If you take a look at whether it was the deficit ceiling fight or this fight, the number of jobs that were destroyed, the wealth that was ruined and taken away. It's just mind-boggling," Bloomberg told CNN Chief National Correspondent John King.
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"Both sides of the aisle, both ends of Pennsylvania Avenue – they cannot even come up with something that would not have even solved the problem," Bloomberg said, lamenting that the committee's target of cutting $1.2 trillion in debt fell far short of what was needed to restore the nation's fiscal health.
Bloomberg insisted the only path to drastically cut the deficit would include both an increase in revenues and a decrease in government spending.
"Right now, the difference is so large, you couldn't possibly do it with either one. You have to do both. And I don't care what you promise your constituents. I don't care what your constituents want. Those are the facts," Bloomberg said.
He argued that the $1.2 trillion the committee was trying to save would only cut about 13% of the deficit.
"And today, we have the public debt of $10 trillion. In ten years it will be $20 trillion," Bloomberg said.
"And even then we would be doing what we're doing today. Today, the government is borrowing one out of every $3 that it spends. You could not do that personally because nobody would loan you the money."
Appearing on John King, USA shortly after the co-chairs of the bipartisan panel released a statement officially announcing the committee's failure to reach an agreement by Wednesday's deadline, Bloomberg issued an appeal to President Obama to "to lead the country and to lead Congress."
"The president as the chief executive of the country has the responsibility to make things come together. I understand the problem of partisanship. And the jealousies and the pettiness and selfishness that occur at the other end of Pennsylvania Avenue," the three-term independent mayor said.
"But in the end, no CEO would send a proposal and just say, well, let's see what happens. You sent a proposal and then you go fight for it."