The congressional super committee negotiating a possible deficit reduction agreement announced Monday it has failed to reach a deal.
The announcement came after last-minute talks on what one participant billed as a "new idea" in an effort to salvage an agreement.
Markets dropped as news spread of the panel's expected failure. The Dow Jones industrial average fell 248 points Monday, with a minor recovery after being down more than 300 points earlier in the afternoon.
To stave off automatic spending cuts starting in 2013, the super committee had been tasked with finding ways to cut deficits by at least $1.2 trillion over 10 years.
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