Monday, November 20, 2011 – 11:15 a.m.

As expected, the so-called debt-reduction supercommittee, officially known as the Joint Select Committee on Deficit Reduction, ended with a loud thud this morning.

The group, evenly balanced between democrat and republican members of the House and Senate, was unsuccessful at reaching any agreement on deficit reduction.

Now automatic cuts of $1.2 trillion will allegedly take effect next year.

A drop in the bucket against the massive spending problem gripping the nation. Should it actually happen.

But then again, no one really expected the committee to succeed.