Washington (CNN) - Members of the congressional committee created to craft a bipartisan deficit reduction deal continued working into the weekend despite growing pessimism over their inability so far to reach agreement.
Republican committee members held a conference call Saturday morning, a senior GOP aide said. The aide declined to describe the discussions.FULL STORY
New York (CNNMoney) - With just days left for the bipartisan debt committee to agree to a deal or call it quits, the mood is pessimistic.
While the panel held some meetings with all 12 members present in the past two months, recent talks "have been taking place through ... shuttle diplomacy, trying to find ways to bridge the differences," Democratic Rep. Chris Van Hollen told CNN on Friday.FULL STORY
Washington (CNN) - The congressional super committee, facing a fast-approaching deadline, appears headed toward failure unless negotiations shift dramatically in the final few days.
As evidence of the grim mood on Capitol Hill, multiple sources say Republican leaders have proposed a smaller package of spending cuts and revenues as a 'Plan B' if the panel does not succeed, though even this offer appears unlikely to gain much traction.
Washington (CNN) - Members of Congress's so-called super committee huddled in small groups behind closed doors on Capitol Hill Friday, battling growing pessimism and a now-imminent deadline to reach agreement on a seemingly elusive bipartisan deficit reduction deal.
At least seven of the panel's 12 members, evenly split between Democrats and Republicans in the House and Senate, need to agree on savings of at least $1.2 trillion over the next decade. In reality, however, the time line is even shorter. Under the law creating the committee, any proposal must be made public and evaluated for its fiscal impact by the non-partisan Congressional Budget Office no later than Monday.FULL STORY
NEW YORK (CNNMoney) – Well, here we are again. You can count the hours to yet another deadline, and Congress remains deadlocked over debt and taxes, this time through its proxy - the bipartisan debt committee.
First there was the government shutdown threat in the spring. Then there was the threat of a U.S. default this summer during the debt ceiling debate. And, to top it all off, a downgrade.FULL STORY
(CNN) - Members of the tea party movement are offering their response to the deficit reduction super committee in the form of proposed cuts and a committee hearing Thursday.
Elected officials will join over 200 tea party leaders from across the country for the "Tea Party Debt Commission joint hearing" to discuss spending cuts proposed by conservative activists, according to the grassroots FreedomWorks.
NEW YORK (CNNMoney) - Given how volatile markets have become, predicting how traders will react to the congressional debt committee next week is a dicey undertaking.
Two themes emerged in conversations with stock and bond strategists. First, Wall Street never expected much from the committee, thanks to the disastrous debt ceiling debate. Second, markets don't expect lawmakers to make meaningful decisions on fiscal reform until after the 2012 election.FULL STORY
Washington (CNN) - Six days before the deadline for a deal, House leaders on Thursday blamed each other's party for the inability of a special congressional committee to reach agreement on tax and entitlement reforms as part of a possible deficit reduction agreement.
The comments at successive news conferences by House Speaker John Boehner, R-Ohio, and Democratic leader Rep. Nancy Pelosi of California escalated the rhetoric over possible failure by the committee created as part of the debt ceiling agreement earlier this yearFULL STORY
Washington (CNN) - Wednesday could prove to be the pivotal day for the congressional deficit reduction super committee as it struggles to reach a deal with only one week to go before its statutory deadline.
Rep. Chris Van Hollen of Maryland and Sen. Patty Murray of Washington - two of the panel's six Democrats - both described the day as "critical."FULL STORY