Members of the “super committee” charged with coming up with $1.2 trillion in budget cuts are focused on how to announce failure to reach a deal, Democratic and Republican aides confirmed to CNN Sunday.
While aides said no final decision had been made, they acknowledged that — barring an unforeseen development — an announcement of an end to negotiations is the most likely scenario.
Democrats have proposed a “balanced” solution that would generate $400 billion from increased tax collections and $700 billion in spending meant to jump-start the economy, including an extension of the payroll tax cut, extended unemployment benefit payments and money to permanently prevent cuts in payments to doctors who treat Medicare patients.
However, Republicans would only agree to spending cuts and the closing of one small tax loophole for corporate jet owners.
Talks on trying to reach a deficit reduction agreement are essentially over and discussions are focused on a Monday announcement, a senior Democratic aide said.
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