Supercommittee Failure Could Trigger US Credit Downgrade, Economists Warn
November 19, 2011
Source: London Guardian
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.
“Time is running out. What I can say is we are leaving no stone unturned, negotiations continue and we are looking to find a way. We recognise what’s at stake and we’re hoping to reach an agreement,” Democrat committee member Chris Van Hollen told CNN Friday.
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.
“With all this pressure to reach an agreement, it really doesn’t look good if they can’t find a solution,” said Ashworth.
He said that the US had much more serious problems that would need tackling first.
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Whistler Blowers, Insiders
. . . PRINT MORE MONEY? BURN THE HOUSE DOWN!
end useless wars,anybody cant prove they would take ANY job after 6 months of unemployment gets cut off,social security(S.S.I) anyone under 65 that can work at any level your done deadbeat get a job no more money.DOCTORS that feed pain meds. to medicare on massive amounts to people under 65 license revoked (ive seen lines of med. care people lined up for there free pain pills at our expense)there are so many cuts for just fraud that dont need any money taken from anybody if you know where to look
shadow stats what is the real debt in the USA is it at 1.5 or 7.5 trillion ??? tell the truth!!! shadow stats?? audit the Fed so everyone knows!!
the US will be downgraded anyway despite anything a “super committee” does because it’s worse than broke, worse than corrupt and basically a toilet.
Print up some more money,there is no inflation right now LOL!