Supercommittee co-chairs Sen. Patty Murray (D., Wash.) and Rep. Jeb Hensarling (R., Texas) have released the following statement, announcing the panel’s widely-anticipated failure to reach an agreement on a $1.2 trillion deficit-reduction package:
Despite our inability to bridge the committee’s significant differences, we end this process united in our belief that the nation’s fiscal crisis must be addressed and that we cannot leave it for the next generation to solve. We remain hopeful that Congress can build on this committee’s work and can find a way to tackle this issue in a way that works for the American people and our economy.
We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us. Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task.
Yuval Levin takes a look at what happens next.