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.