USA - Super Committee turns into Super Disaster: World markets turn attention from Europe to US, where talks to reduce deficit near collapse - by Carlo Piovano

Fears that talks to reduce the U.S. deficit will collapse added to existing worries about European debt to push global markets lower on Monday.

A special deficit-reduction supercommittee in Washington was expected to admit failure in its quest to agree on how to improve government finances by $1.2 trillion over the coming decade. The main hurdle in the bipartisan panel's negotiations was how much to raise in new taxes.

The panel's failure would trigger about $1 trillion over nine years in automatic across-the-board spending cuts that some investors fear might not be tuned well enough to sustain growth and create jobs.

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