Washington (CNN) - Facing harsh reaction from financial markets and a frustrated public, senators on the congressional super committee held last-minute talks Monday on what one participant billed as a "new idea" in an effort to salvage agreement on a deficit reduction deal.
Despite the impromptu meeting, the bipartisan panel tasked with finding at least $1.2 trillion in deficit cuts over the next decade will likely announce that it has failed, according to both Democratic and Republican aides.FULL STORY
(CNN) – Notorious anti-tax crusader Grover Norquist said Democrats who've blamed him for the super committee's bipartisan budget gridlock are simply lying.
The president of Americans for Tax Reform encouraged Republican members of the Joint Select Committee on Deficit Reduction to sign a pledge that binds them to resist raising taxes as they work to find $1.2 trillion dollars in deficit-cutting measures by Wednesday, but on CNN's "American Morning," he said the pledge was between the country and its congressmen, and not with him.
Washington (CNN) - As a congressional super committee appears close to announcing it has failed to come up with $1.2 trillion in budget cuts, a new national survey indicates most Americans support a plan that would include increasing taxes on the wealthy and major cuts in domestic spending programs.
But according to a CNN/ORC International Poll released Monday, there's a partisan divide between Democrats and Republicans over tax increases and spending cuts that explains the inability of the 12-member panel to come to an agreement on a deficit reduction plan by Wednesday's deadline.
New York(CNNMoney) - It looks like Congress is about to forfeit yet another opportunity to address the country's long-term fiscal problems before they get out of hand.
As early as Monday, the congressional debt committee - absent a miracle - is likely to issue an admission of failure.FULL STORY
Washington (CNN) - Members of the super committee charged with coming up with $1.2 trillion in budget cuts are focused on how to announce failure to reach a deal, Democratic and Republican aides confirmed to CNN Sunday.
While aides said no final decision had been made, they acknowledged that - barring an unforeseen development - an announcement of no deal is the most likely scenario.FULL STORY
(CNN) - Rand Paul, the Kentucky senator who was elected with strong support from the tea party, said Sunday the automatic cuts that would follow a super committee failure may be the only way for Congress to reach a debt-cutting deal.
“Automatic cuts (sequestration) are sort of like telling your children that, you know, if you don't clean up your mess, or else,” Paul said on CNN’s “State of the Union.”
(CNN) – The Democratic co-chair of the debt-cutting congressional super committee said Sunday her panel was not close to a deal that would cut the federal debt, but remained optimistic of a compromise in the hours left before the group’s deadline.
“There is one sticking divide, and that is the issue of what I call shared sacrifice, where everybody contributes in a very challenging time for our country,” Washington Sen. Patty Murray told CNN’s Candy Crowley on “State of the Union.”
Peterborough, New Hampshire (CNN) - Mitt Romney said Saturday he would not support any deal by a congressional debt committee that raised taxes, even as time ran short on a deficit-reduction agreement in Congress.
"I don't believe that raising revenues is the right answer to balancing our budget," he said. "I will not support any proposal based upon increasing taxes or revenues. I will, however, support proposals that are focused on reducing spending."
Washington (CNN) - Arizona Republican Sen. Jon Kyl, a member of the congressional committee created to craft a bipartisan deficit reduction deal, said Saturday the group will work until the deadline, but it's "pretty doubtful" the bipartisan panel will forge a last-minute compromise.
Leaving his office in the Capitol on Saturday, Kyl noted the deadline for getting a compromise evaluated, or "scored," by the Congressional Budget Office is Monday.