The bipartisan leadership of a special congressional deficit supercommittee has officially announced that the panel has failed to reach an agreement.

Democratic Sen. Patty Murray and Republican Rep. Jeb Hensarling
say that despite "intense deliberations" the members of the panel
have been unable "to bridge the committee's significant
differences."

The panel was established by this summer's budget and debt
agreement to cut at least $1.2 trillion from the budget over 10
years. But the panel has been divided from the beginning over taxes
and cuts to popular government benefit programs like Medicare.

Last-ditch bipartisan talks failed to produce a breakthrough.

(Copyright 2011 by The Associated Press. All Rights Reserved.)