US debt panel to admit defeat on Monday

November 21, 2011 05:08

WASHINGTON - A congressional "super committee" is expected to formally announce on Monday that its three-month-long effort to forge a $1.2 trillion deficit reduction plan has failed, aides told Reuters.

Barring an unforeseen development, the Republican and Democratic heads of a 12-member "super committee" will issue a joint statement conceding failure, the aides said.

Failure has been expected for most of the weekend, and market reaction may be muted as investors focus on the euro zone debt crisis. US stock index futures opened lower on Sunday as trading began in Asia, with Dow Jones and S&P 500 futures briefly dropping more than 1 percent.

Failure by the committee of six Republicans and six Democrats could cement notions of a dysfunctional Washington among voters and investors.

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