Super Committee could not reach agreement on a deficit reduction plan

The Joint Select Committee on Deficit Reduction announced that it could not reach agreement on a plan to cut the deficit by at least $1.2 trillion over 10 years and authorization for its work expired on November 23.  As required by the Budget Control Act, $1.2 trillion in automatic, across the board spending cuts (known as sequestration) are now scheduled to take effect from Fiscal Years 2013 to 2021.  Congress can develop other deficit reduction strategies to avoid the automatic cuts, however, it will have to follow the regular legislative process and will not have the advantage of the special legislative procedures authorized under the Budget Control Act for the recommendations of the Joint Select Committee.

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