At least some financial experts were not surprised that the congressional "Super-Committee" could not meet Monday's deadline to strike a deal on cutting the national debt. It was blamed for a subsequent drop of 248 points in the Dow Jones Industrial average.

Bob Atwell, CEO of Nicolet National Bank in Green Bay, said it confirmed Wall Street's belief that Washington could not even make the most basic choices to cut government spending.

Wells Fargo Bank economist Brian Jacobsen of Milwaukee said the 12-member bi-partisan panel was "doomed to failure." He said Republicans could not support any tax hikes, while Democrats could not stomach the GOP's demand for spending cuts. Jacobson said the European debt crisis was also a factor in the big drop on Wall Street.

Atwell said the markets have been extremely volatile since July, when Congress and the White House barely warded off a U.S. government default. He said markets would continue to have quick sell-offs as long as federal officials quote, "duck their obligation" to address a debt problem in a nation that lives beyond its means.

Wisconsin U.S. Senate Republican Ron Johnson said the country needs economic growth and real leadership -- something that's been quote, "absent from Washington for far too long."

Senate Democrat Herb Kohl calls the missed deadline "unfortunate." He says he'll still support a compromise that includes a balance of spending cuts and revenue increases. 

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