Fail: The congressional supercommittee is gearing up to announce that it has failed to come up with a solution to cut $1.2 trillion from the federal debt, the Washington Post reports. Staffers met over the weekend to discuss how the lawmakers should admit that they failed.
Arrested: New York City officials announced last night that police had arrested a man suspected of plotting to build and detonate bombs in the city. The New York Times has the story.
Pepper Spray: Two University of California-Davis police officers have been placed on paid administrative leave following the release of a video that showed one officer spraying pepper spray into the faces of seated demonstrators on campus, the Los Angeles Times reports.
Closer Look: The Securities and Exchange Commission's Office of the Inspector General released a new report looking at the circumstances surrounding the commission's $75 million settlement with Citigroup last year, according to Am Law Litigation Daily.
Testifying: British lawmakers are hearing testimony today from victims of alleged phone hacking by tabloid newspapers, including the family of a murdered schoolgirl and actor Hugh Grant, the Wall Street Journal reports.