Supercommittee, No Deal

The Congressional Deficit reduction "supercommittee" has officially failed to reach a deal on $1.2 billion in cuts. That triggers automatic, across-the-board cuts — half from defense and half from civilian agencies — beginning in 2013. Some lawmakers now say they want to eliminate the automatic cuts. But President Obama has vowed to veto any effort to stop the sequestration. The President said in a speech last night, the only alternative is for Congress to get back to the drawing board and come up with a balanced deficit-reduction plan that includes some tax increases.