Nov. 20 (Bloomberg) -- The deficit-cutting congressional supercommittee likely will announce tomorrow that it has failed to reach agreement on at least $1.2 trillion in federal budget savings, a Democratic aide said today.
The aide, who was not authorized to discuss internal matters publicly and requested anonymity, said in an e-mail that it was highly unlikely that the 12-member panel’s talks were salvageable. Tomorrow is the deadline to provide the Congressional Budget Office with information for scoring in advance of the committee’s Nov. 23 target date for announcing spending cuts.
The Aug. 2 law that raised the federal debt limit requires $1.2 trillion in across-the-board spending cuts as the alternative to enacting the panel’s recommendations.
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