Super failure: Deficit-cutting panel gives up

AP Photo/J. Scott Applewhite

Supercommittee member, Senate Finance Committee Chairman Sen. Max Baucus, D-Mont., fends off reporters as he arrives to meet in the Capitol Hill office of Sen. John Kerry, D-Mass., with other Supercommittee members.

WASHINGTON — Congress' supercommittee conceded ignominious 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.

Stock prices plummeted at home and across debt-scarred Europe as the panel ended its brief, secretive existence. Rep...