"Super" Committee Fails to Reach Argeement

"Super" Committee Fails to Reach Argeement

The Joint Select Committee on Deficit Reduction released a statement on November 21st announcing that the members were unable to reach a bipartisan deficit reduction deal by the committee’s deadline.  Failure to reach an agreement means that $1.2 trillion in automatic spending cuts outlined in the Budget Control Act of 2011 will apply to mandatory and discretionary spending in the years 2013 to 2021.  These cuts will be divided between defense and non-defense spending.