McConnell Blames Obama, Democrats for Supercommittee Failure

Responding to the failure of the supercommittee, Senate Minority Leader Mitch McConnell, R-Ky., blamed President Obama for avoiding the issue and Democrats for rejecting "good faith" proposals.After three months of negotiating, the bipartisan panel was unable to reach a deal and announced the lack of an agreement two days before the deadline.McConnell says GOP lawmakers are disappointed, but it's good news that the $1.2 trillion in budget cuts will take place despite the lack of an agreement."Now it falls on the president to ensure that the defense cuts he insisted upon do not undermine national security, as Defense Secretary Leon Panetta has warned," he says. "With this administration's out-of-control federal spending over the past three years, unemployment stuck at 9 percent, and a $15 trillion debt which grows daily, we felt it was necessary to create this extraordinary mechanism to reduce spending and make needed changes."For the full statement, go here.