The congressional super committee tasked with outlining $1.2 trillion in federal spending reductions over a 10-year period announced on Monday that it failed to come up with such a plan. 

Committee members said in a statement that it will “not be possible” for them to meet their Nov. 23 deadline. 

President Barack Obama is scheduled to give a statement to reporters in about 30 minutes at 5:45 p.m. EST. 

Read more from The Washington Post, including analysis about why the committee failed. Here’s how the newspaper sums it up: “The political pressure to do something never came close to matching the political will not to.”