debt supercommittee

Despite talks through the weekend, the congresssional committee that was supposed to reduce the deficit by $1.2 trillion over the next decade has not come to an agreement. The stalemate could trigger automatic spending cuts across the board in 2013 and could cause another downgrade of the nation's credit rating.

The Republican co-chair of Congress' debt supercommittee says chances are slim that the panel can agree on a plan to reduce spending by $1.2 trillion over 10 years.

Analysts say they're concerned but not panicked about the possible effects on the economy of automatic cuts if the deficit supercommittee fails to agree. David Kelly of JP Morgan Funds says "there's no doomsday scenario in reducing government spending...