From the supercommittee:
"After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee's deadline.
"Despite our inability to bridge the committee's significant differences, we end this process united in our belief that the nation's fiscal crisis must be addressed and that we cannot leave it for the next generation to solve. We remain hopeful that Congress can build on this committee's work and can find a way to tackle this issue in a way that works for the American people and our economy.
"We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us. Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task.
From the beginning, both sides in the deficit negotiations worked not to find a compromise to lower the debt, but to control the narrative for when the supercommittee failed, in order to pin blame on the other team. Arguably, that's exactly what they should have done: Texans didn't elect Jeb Hensarling to raise taxes, and Washingtonians didn't elect Patty Murray to cut Social Security. So now the games begin, starting with a statement from President Obama to be issued at 5:45.
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