Democrats refused to work with the GOP and left the table. The super-committee is doomed, and will fail to agree on a $1.2 trillion reduction in the nation's deficit. Democrats are purposely wanting an automatic reduction to the defense budget and blame the GOP for automatic cuts to Medicare. However, the Democrats plan may backfire. There is a huge backlash on the Democrat party for the past couple years. In 2012, the American people will have another chance to vote out the Democrats in Washington.
(Guardian) Economists are warning of dire consequences if US politicians fail to make progress this weekend in tense talks aimed at reducing America's massive deficit ahead of a Wednesday deadline.
The bi-partisan congressional super-committee is charged with drawing up plans for a $1.2tn reduction in the nation's deficit by the middle of next week. Failure to do so will trigger an automatic "sequester" that will make cuts of that size to defence and social welfare programmes starting in 2013. But the two sides seem far from finding a solution after clashing over tax revenues.
While Wednesday is the official deadline for the supercommittee to report back, it has until Monday to tell the Congressional Budget Office about the impact any plan they send to Congress will have on the budget.
Failure to reach an agreement on what is essentially a small reduction on the deficit – just 0.7% of gross domestic product in 2013 – could trigger another rating's agency downgrade, warned economists including Paul Ashworth, chief North American economist at Capital Economics.
Morgan Stanley analyst Christine Tan predicted earlier this month that there was now a one-in-three possibility of another downgrade.
"If the supercommittee fails to reach a $1.2tn deficit reduction deal, if such a deal relies more upon accounting changes than real deficit reduction, or if congressional action lessens the impact of the $1.2tn automatic trigger, we believe this could potentially provide S&P with a pretext to downgrade the US further from AA+ to AA," wrote Tan in a note to investors.
1 comment:
magical spells really work!! I never thought there were still honest, genuine, trustworthy and very powerful spell casters until i met the spiritual helper, MERUJA OWO. last week he did a love spell for me and it worked effectively and now he just casted another healing spell for my friend who has fibroid and family problem and now she is totally free and she is presently the happiest person on earth, she keeps thanking me all day..
I just thought it would be good to tell the whole world about his good work and how genuine he is, i wasn't thinking i could get any help because of my past experiences with other fake casters who could not bring my husband back to me and they all promised heaven and earth and all they are able to do is ask for more money all the time until i met with this man. he does all spells, Love spells, money spells, lottery spells e.t.c i wish i can save every one who is in those casters trap right now because i went though hell thinking and hoping they could help me.i recommend MERUJA OWO for any kind of help you want.
his email address is: oduakar1@live.com
if you want to ask me anything my e-mail is: jannet_madeson@yahoo.com
Kind Regards,
Post a Comment