The supercommittee is expected to announce later today that it failed to reach a deal on reducing the federal deficit. Committee members spent much of Sunday pointing fingers at one another. The failure seems to confirm the ratings downgrade that Standard & Poor’s issued after the debt-ceiling fiasco earlier this year: That downgrade was based not so much on the U.S. debt level but on pessimism about the capacity of Congress and the administration to deal with the problem.
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