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Deficit ‘super committee’ fails to reach budget deal

WASHINGTON (Reuters) – Lawmakers abandoned their high-profile effort to rein in the country’s ballooning debt on Monday in a sign that Washington likely will not be able to resolve a dispute over taxes and spending until 2013. Republican and Democratic members of a 12-member congressional “super committee” said they were…

US debt panel groping for deal as deadline looms

A US Congress “supercommittee” tasked with finding $1.2 trillion in deficit reduction planned to meet through the weekend if necessary to find an elusive deal, one of its co-chairs said Friday. “We are painfully, painfully aware of the deadline that is staring us in the face,” Republican Representative Jeb Hensarling told reporters as the…