An American congressional committeereported failure earlier this week.The committee failed in its effortto cut the federal budget deficitby one point two trillion dollars over ten years.The Co-Chairs of the Joint Select Committeeon Deficit Reduction released a statement.It said, "we have come to the conclusion todaythat it will not be possible to makeany bipartisan agreement available to the publicbefore the committee's deadline."The twelve-member committee was createdunder the Budget Control Act of Twenty Eleven.The group was equally divided between the two main parties.The goal was to find acceptable ways to cut federal deficits.But, without an agreement, that will fallto involuntary cuts through the act of sequestration.The budgetary terms, sequester and sequestration,mean that the Treasury Departmentwill withhold or cancel a set amount of spending.By law, equal cuts in both civilianand military spending will begin in twenty thirteen.A total of one point two trillion dollars needs to be cut.This is in addition to cuts ofabout nine hundred billion dollarsrequired by the budget lawthat created the congressional supercommittee.Defense Secretary Leon Panetta has warnedthe combination of cuts could hurt his department.LEON PANETTA: "If the sequester goes into effectand it doubles the number of cuts,then it will truly devastate our national defense."This has made some lawmakers feel uneasy.Representative Howard McKeon of Californiaopposes new cuts in military spending.HOWARD MCKEON: "National defensehas contributed enough to deficit reduction."Many lawmakers are concerned that, with elections next year,programs important to voters in their areas will be cut.That would add to increasing voter angerover what they consider a lack of action by lawmakers.Many voters share the feelings of this manin Houston, Texas, when asked about Congress.HOUSTON MAN: "They all need to be replaced-- every last one of them."REPORTER: "How would you do that?"HOUSTON MAN: "Don't vote for them next time;"But President Obama has warned Congressthat he will block any efforts to cancel the spending cuts.BARACK OBAMA: "Already, some in Congressare trying to undo these automatic spending cuts.My message is simple: No. I will veto any effortto get rid of those automatic spending cuts."Experts say that Congress and the Obama administrationcould still reach agreement on budget cutsand taxes before the sequestration takes effect.And that's the Economics Report in VOA Special English.Find transcripts and MP3s of our programs at 51voa.com.