President Barack Obama said he would veto any attempts by Congress to introduce measures that go outside the policy for the automatic spending cuts on Monday evening, after the Congressional bipartisan "super committee" failed to reach a deal on budget cuts.

The once highly touted super committee that was charged with deciding on the components of the $1.2 trillion in budget cuts voted by Congress announced on Monday that they failed to reach a deal.

Following the long, contentious dispute between President Obama, and Democrat and Republican Congressional leaders over the budget deficit earlier this year, Congress voted to reduce the national deficit by $1.2 trillion over 10 years. To prevent automatic spending cuts (or a sequester) the super committee comprised of six Republicans and six Democrats was formed decide what cuts would be made. The committee was given much laxity, but was required for at least seven members to approve the deficit cutting measures before sending it to the House and Senate to be passed into law by simple majorities of both chambers. The plan called for the related law to be in place by December 23.

On Monday the co-chairs of the committee, Rep. Jeb Hensarling, R-Texas, and Sen. Patty Murray said in a statement that "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."

The committee's failure to reach an agreement means the $1.2 trillion in spending cuts will be executed automatically across the federal budget starting in 2013, evenly divided between defense and non-defense spending. However, Defense Secretary Leon Panetta previously warned Congress that significant cuts in the defense budget would have serious effects on the capabilities of the U.S. military.

In the wake of the announced failure Democrats and Republicans are blaming each other.

In a short address to the media on Monday evening, President Obama said Republicans rejected a balanced approach to deficit reduction that included tax increases on the wealthy. Conversely, Republican presidential contenders accused Obama of lack of leadership to ensure an agreement was reached.

Committee Democrats are also blaming Republicans for not agreeing to higher taxes on the wealthy, while Republicans blame Democrats for being unwilling to reduce popular domestic programs.

Despite the super committee's failure, Obama and House Speaker John Boehner are calling on Congress to still work toward reaching an agreement in the national interest.

Should no agreement be reached and the automatic cuts are implemented, social programs like Social Security, Medicaid, food stamps, and veteran's benefits would be protected.