US debt talks on verge of failure-reports

Talks in Washington aimed at cutting the level of US government debt are on the verge of failure, the BBC understands.

A special Congressional committee had been charged with finding $1.2trn (£762bn) in savings by Wednesday. However, the BBC's North America editor Mark Mardell says the talks between Democrats and Republicans are on the "brink of failure". Meanwhile, the US national debt has just risen above $15trn (£9.5trn). The committee was set up in August, a result of a last-minute deal between the two sides in Congress to raise the debt ceiling and avert a potential default on US debt payments. Its members were instructed to find at least $1.2tn in savings or face automatic cuts in defence ...