Bipartisan deficit efforts expected to fail
The bipartisan congressional supercommittee in charge of agreeing on at least $1.2 trillion in debt reductions is hopelessly deadlocked and expected to be wound down on Monday evening, the Wall Street Journal reports. Barring an 11th-hour surprise deal between Democrats and Republicans, the U.S. will be left facing automatic, across-the-board deficit cuts, including potentially disruptive measures axing military spending, beginning in 2013.