US Economic and Political Crises: Super Committee announces it failed to compromise on deficit

The bipartisan leadership of a special congressional committee — assigned the task of slashing more than $1 trillion dollars from the U.S. deficit — announced Monday that the panel failed, unable to bridge bitter ideological differences separating Republicans and Democrats in the run-up to presidential and legislative elections next year.

Republicans refused to cross their ideological line against increasing taxes. Democrats refused to allow cuts in popular programs that serve the elderly and poor without a compensating growth of government income, especially from the wealthiest Americans.

Picture insert: Jeb Hensarling Republican Vice co-chair Super Committee

Note EU-Digest : In response to the Super Committee’s failure, Sen. Bernie Sanders put out a statement blasting the GOP for refusing to do what Americans really want, raise taxes on the wealthy.

For more: Supercommittee fails to compromise on deficit – USATODAY.com