New York (CNNMoney) – No one ever said tax reform would be easy. But the failure of the super committee points up just how hard it will be in the next year.
Both Democrats and Republicans have said they want to overhaul the tax code.
Washington, D.C. (CNN) - One of the oldest axioms in politics is that you should never let a good crisis go to waste. Now that the hopelessly divided deficit reduction super committee has failed, it is apparent to just about everyone that Washington has a serious crisis of governance.
Question: What - if anything - will President Barack Obama do about it? With the 2012 election season already under way, should he assume a deal is impossible and use the panel's failure as a campaign weapon? Or is he better off knocking heads together on Capitol Hill and trying to ram through a deal that will prevent unpopular automatic spending cuts from taking effect starting in 2013?
New York (CNNMoney) - The congressional debt committee's failure likely won't be a disaster for the markets or the economy. But it is a warning signal to both.
"The failure does illustrate yet again the inability of Congress to take the tough decisions to put the federal finances on a sustainable path over the medium term," Capital Economics said in a research note.
Washington (CNN) - Uncertainty lingered Tuesday about what the continued fallout would be from the failure of the congressional "super committee" to forge a deficit reduction deal.
Monday's announcement about the committee's failure was followed by dip in the Dow Jones Industrial Average. The Dow fell 248 points Monday, with a minor recovery after being down more than 300 points earlier in the afternoon.
(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.
Washington (CNN) – The fact that $1.2 trillion in automatic cuts would be triggered by the failure of the deficit reduction super committee to reach a deal made it harder for the committee to make tough decisions on entitlement and tax reform, Sen. Rob Portman of Ohio, a GOP member of the committee said Monday.
“I haven’t talked about this publicly at all. I do think having the sequester in place was important for the markets among others, because they knew there would be $1.2 trillion,” Portman said. “I think it was important to be able to pass the debt limit because there had to be some sort of trigger that guaranteed it.”
Washington (CNN) - President Barack Obama and congressional leaders traded blame Monday for the failure of the congressional "super committee" to forge a deficit reduction deal, but they also called for Congress to work out an agreement before painful automatic budget cuts take place in 2013.
Earlier, the co-chairs of the bipartisan special joint committee said in a statement that "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."
(CNN) - President Barack Obama on Monday said Republicans in Congress rejected what he called a balanced approach to deficit reduction that included tax increases on the wealthy.
"Despite the broad agreement that exists for such an approach, there are still to many Republicans in Congress that have refused to listen to the voices of reason and compromise that are coming from outside of Washington," Obama told reporters after a special bipartisan committee announced that it had failed to reach a compromise.
Washington (CNN) - So the "super committee" failed. Can you honestly say you were expecting a different outcome?
The inability of an evenly split panel of Capitol Hill Democrats and Republicans to agree on $1.2 trillion in savings is about as surprising as January snow in Fairbanks, Alaska. Elected officials in Washington can't even pass a budget anymore, much less agree on politically tough choices about taxes and spending.
(CNN) – As federal government braces for the impact of a super committee failure, GOP contenders for the 2012 presidential nomination lashed out at the president for setting the wheels in motion.
A Web video released by Newt Gingrich's campaign Monday replayed the former House Speaker's prediction this summer that the committee responsible for finding $1.2 trillion in budget savings was doomed.
Programming note: GOP presidential candidates face off at 8 p.m. ET Tuesday, November 22, in the CNN Republican National Security Debate in Washington, D.C.