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FAILED Supercommittee Talks on the Rocks Chip Somodevilla / Getty Images

Supercommittee Talks on the Rocks

With only 72 hours until the deadline to introduce a proposal to cut $1.2 trillion from the U.S. federal deficit, the "supercommittee" charged with the task is just about ready to admit defeat. Republicans made a late offer, which Democrats rejected because it was heavily skewed toward spending cuts rather than new revenue. That offer, orchestrated by John Boehner himself, included even fewer taxes than a previous GOP plan. The divide was underscored Friday afternoon when the House narrowly rejected a balanced budget amendment to the constitution.

November 18, 2011 10:48 PM