Committee Co-chairs Rep. Jeb Hensarling (L) and Sen. Patty Murray chat during a Joint Select Committee on Deficit Reduction hearing on Capitol Hill in Washington D.C., capital of the United States, Nov. 1, 2011.

"After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee's deadline," U.S. Representative Jeb Hensarling and Senator Patty Murray, co-chairs of the Joint Select Committee on Deficit Reduction, said in a statement on Monday.

"Despite our inability to bridge the committee's significant differences, we end this process united in our belief that the nation's fiscal crisis must be addressed and that we cannot leave it for the next generation to solve," noted the statement.

"We remain hopeful that Congress can build on this committee's work and can find a way to tackle this issue in a way that works for the American people and our economy," it added.

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The powerful "super-committee" was created by a bipartisan debt reduction deal in Aug. to tackle mounting U.S. budgetary challenges.

"We are deeply disappointed that we have been unable to come to a bipartisan deficit reduction agreement, but as we approach the uniquely American holiday of Thanksgiving, we want to express our appreciation to every member of this committee, each of whom came into the process committed to achieving a solution that has eluded many groups before us," according to the statement.

"Most importantly, we want to thank the American people for sharing thoughts and ideas and for providing support and good will as we worked to accomplish this difficult task," added the statement.

The panel is tasked to identify at least US$1.2 trillion in deficit cuts by Nov. 23. Failure to do so will trigger automatic spending cuts in defense and non-defense domestic programs in a similar size starting in 2013.

The committee's failure to produce an ambitious debt reduction package was in line with expectations, due to partisan intransigence on thorny issues including tax increase for the rich and slashing entitlements outlays.

Republican's unwillingness to raise the taxes for the wealthy helped create the current stalemate, U.S. President Barack Obama said at a White House press conference on Monday after the release of the "super-committee" statement.

Both parties should step up efforts to produce a balanced deal and put the nation's fiscal house in order, said Obama, adding that he would veto any attempt to undo automatic spending cuts that would start in 2013