WASHINGTON — After one last bout of fitful but futile talks, Congressional negotiators conceded the obvious: that the joint Congressional committee charged with drafting a deficit reduction package would miss its deadline this week. But they did not quite give up the ghost of a chance that a solution might be found later.

“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,” said a statement issued late in the afternoon by Representative Jeb Hensarling of Texas and Senator Patty Murray of Washington, the panel’s Republican and Democratic co-chairs.

via Panel Fails to Reach Deal on Plan for Deficit Reduction – NYTimes.com.