Congress’ supercommittee conceded defeat Monday in its quest to conquer a government debt that stands at a staggering $15 trillion, unable to overcome deep and enduring political divisions over taxes and spending.
“The problem is a huge ideological divide in our nation — a value system divide.”
— Senator John Kerry (D-MASS)
“There will be no easy off ramps on this one. We need to keep the pressure up to compromise not turn off the pressure.”
— President Barack Obama
The Dow Jones was down about 200 points yesterday.