Guardian – The bipartisan committee tasked with reducing America’s $15tn (£9.5tn) budget deficit looks close to admitting defeat as its deadline looms. The committee, created in August, has until Wednesday to report a plan to cut $1.2tn from the nation’s deficit. Failure to do so will trigger automatic cuts to defense and social welfare programmes starting in 2013.
A war of words erupted on Sunday as both sides admitted that barring last minute surprise there would be no deal. A formal announcement of failure is expected Monday.
