The bipartisan congressional Supercommittee, who were given the assignment of trying to come up with at least $1.2 trillion in deficit reduction announced yesterday that they have been as effective as Casey at the Bat:

They’ve struck out.

According to this august body, they are at loggerheads and the chance of success at this point equals the chance of the Chicago Cubs winning the World Series.

Supercommittee co-chairs, Rep. Jeb Hensarling, R-Texas, and Sen. Patty Murray, D-Wash., announced:

After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline.

The declaration came late Monday afternoon in a written statement from the 12-member Joint Select Committee.

The committee come up a loser because the Republicans refused to raise taxes and cut defense spending and the Democrats said no to any entitlement reforms, because, after all, the elections are less than a year away.

The Supercommitte was created this summer under a law agreed to by Republicans and Democrats in the throes of political panic during the debt ceiling crisis.

Unfortunately, that very law allows the committee’s failure to trigger $1.2 trillion in automatic cuts over 10 years, starting in 2013.  Known as a sequestration, it will include cuts to spending on our National Defense.

Republican lawmakers are promising to immediately sponsor legislation to block those automatic cuts to the defense budget.

Our country’s deficit stands now at about $15 trillion. And things are not going to get any better, anytime soon. In fact, yesterday’s Stock Market freefall was in anticipation of the failure announcement by the Supercommittee.

President Barack Hussein Obama came on national television in a press conference after the Supercommittee’s announcement threatening to veto any attempts to get around the automatic cuts.

He basically told Congress that they had 1 more year to do it his way…or else.

That’s an awful nice system of checks and balances you got there…it would be a shame if anything were to happen to it…

Meanwhile, GOP Elite/Main Stream Media Favorite Mitt Romney tried to make a little political hay concerning the situation:

Republican White House hopeful Mitt Romney criticized President Barack Obama on Sunday for refusing to intervene in congressional talks to cut the deficit.

With the so-called supercommittee at an impasse ahead of Wednesday’s deadline, Mr. Romney blamed the president for the apparent failure of the bipartisan panel, which was tasked with finding savings in excess of $1.2 trillion. He also called on Mr. Obama to introduce legislation to restore $600 billion in defense spending that will be cut automatically if the panel fails to offer alternatives.

“He hasn’t had any role,” Mr. Romney told roughly 200 supporters outside the city hall building in Nashua, where he appeared for a campaign event with Republican Sen. Kelly Ayotte. “He’s done nothing. It’s another example of failed leadership.”

The problem Obama is beginning to face, as his re-election bid rolls along, it’s not just the opposition party who’s out gunning for him.  Some of his own political party are beginning to pile on, also.

ABC News’ Mary Bruce and Richard Esposito reported yesterday about one of the president’s staunchest minions…er…supporters who seems to be distancing himself just a little bit:

New York City Mayor Michael Bloomberg today said the failure of the supercommittee is a “damning indictment of Washington’s inability to govern” and blamed President Obama in part for the breakdown of the debt talks.

“It’s the chief executive’s job to bring people together and to provide leadership in difficult situations. I don’t see that happening,” Bloomberg said at a news conference. “The failure of the committee will mean that thousands of jobs that would have been created will just go without being created. And thousands of men and women who would have gotten back to work will remain unemployed.”

Bloomberg, who has been rumored as a potential third-party candidate in the upcoming presidential elections, criticized both parties for their lack of action.

“I think it’s a failure, you know people say, who do you blame? The blame is both sides of the aisle and both ends of Pennsylvania Avenue,” he said.

The White House has defended the president’s engagement with the super-committee.

“This committee was established by an act of Congress. It was comprised of members of Congress. Instead of pointing fingers and playing the blame game, Congress should act, fulfill its responsibility,” White House Press Secretary Jay Carney told reporters Monday.

Obama and the Democrats pulled for the formation of this Supercommittee in order to lay a trap for Republicans, by showing them as unwilling to compromise.

The problem for Obama and his political party is that it is exposing his failure of leadership, even more.

And Republicans holding fast on National Defense Spending is not exactly a negative message.