[elizabeth]

The Congressional committee tasked with trimming the budget before the automatic cuts kick in is on the brink of failure. If the cuts aren't made the other two credit agencies have hinted that they may cut the US credit rating.
NBC Politics - Deficit supercommittee on the brink of failure

[Abby]

Well, it's official now they failed...not that it means a thing. None of the cuts are scheduled to be made until 2013...plenty of time for Congress to repeal the plan they agreed to. I look for downgrades by the other credit rating agencies by the end of next week.

[Shannon]

I don't think their failure was a suprise to anyone. I knew as soon as they announced it they wouldn't be able to agree on anything. Nobody is going to be seen giving even a little before an election.