The bipartisan deficit supercommittee announced late Monday that it had failed to reach a deal that would cut the nation's debt, as the Congressionally imposed deadline passed before both sides could come together, The Washington Times reported.
According to the newspaper, the panel met on and off for two months after its inception in September, but failed to reach an agreement over the size and composition of tax increases and spending cuts.
"After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline," committee co-chairmen Senator Patty Murray (D-Wash.) and Representative Jeb Hensarling (R-Texas) said in a statement.
Both parties are looking to the next possible steps that will be taken, and a loose coalition of 140 lawmakers from both chambers have pushed for a $4 trillion debt reduction, the Times reported.
According to Fox News, President Barack Obama has responded to the failure of the supercommittee by addressing Congress about a potential extension of the payroll tax cut.