Stay updated with breaking news from Willie bush. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
reporter: the 12 law make others the committee admit there s little hope left. today the democrat and republican co-chairs are expected to issue a joint statement admitting defeat. democrats want more taxes and hands off medicare and medicaid. republicans want more cuts. we finally said is there anything that our democratic friends would be willing to cut? reporter: rests agreed to close tax loopholes on corporate jets but insisted on extending the bush tax cuts for the welt. i if they will take that off the table, we could have a $1.2 trillion agreement. reporter: the republicans insisted on over half a trillion in spending cuts. democrats said could end medicare and medicaid. democrats would agree to that. we can still get something done. reporter: a smaller plan also failed. this morning asian markets are rocky and anticipating defeat. the pentagon s on edge bracing for over a half a trillion in automatic cuts. the economist rings predicting no deal wil ....