Deficit Reduction, Federal Debt | featured news

Americans blame the failure of the debt "super committee" on everyone involved, a Reuters/Ipsos poll showed on Tuesday, despite the best efforts of Democrats and Republicans to point fingers at each other.

With the clocks ticking down to deadline, it is becoming increasingly apparent on Capitol Hill that the supercommittee will not be able to reach its goal of cutting $1.2 trillion from the national debt.

Members of the congressional deficit-reduction committee are cooling to the idea of completing a comprehensive overhaul of the tax code by their November deadline, making it more likely the details of any major tax changes will be handled later by House and Senate tax committees, according to congressional aides from both parties.

A key Republican leader assured Sunday that a congressional supercommittee will reach agreement on $1.5 trillion in cuts in government spending by next month's deadline and avert deep automatic measures.

President Barack Obama pressed his case on Saturday for achieving deficit reduction, in part by ending tax breaks and singling out hedge fund managers, oil companies and billionaires to take the hit.

Vice President Joe Biden said Saturday the Obama administration wouldn't let middle class Americans "carry the whole burden" to break a deadlock over the national debt limit, warning that the Republican approach would only benefit ...