Supercommittee failure could trigger US credit downgrade, economists warn

[xchrom]

http://www.guardian.co.uk/world/2011/nov/18/supercommittee-failure-credit-downgrade-warning

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.

"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.




***:eyes:

[lonestarnot]

1. Crying wolf far too often is bringing about fatigue. Let come what may. We are fighting and we are

used to nothing as it has all been stolen anyway.

[roguevalley]

10. bring it. it will only underscore OWS. And Krugman isn't too

perplexed by it. he's my bellweather. :)

[lonestarnot]

2. Crying wolf far too often is bringing about fatigue. Let come what may. We are fighting and we are

used to nothing as it has all been stolen anyway.

[B Calm]

3. This would make the traitorous republican party happy. .

[WCGreen]

11. No it wouldn't....

They would get rid of the Bush Tax Cuts and the cuts would hurt the military the most.

[asjr]

4. If I knew before I have forgotten. Who was

it that advocated for a super committee in the first place? If we can't trust Congress what makes a super committee easy to trust? The buck has been passed around so much it is really ragged at this point.

[piratefish08]

5. good . fucking whatever. ASSHOLES. they're going to say what they're going to say

and do what they want to do. with impunity.



can WE at least stop pretending the theater is real?

we are smarter than that.

[unhappycamper]

6. And the Five-Sided Puzzle Palace is shitting bricks. n/t

[xchrom]

8. +1

[backscatter712]

7. Fuck our credit rating. I say we pull an Iceland.

Yes. If we can't get a solution that pays down the debt without tearing apart schools, Social Security, Medicare and other social programs, I say we welsh on the national debt, and give the lenders the middle finger.

[ProdigalJunkMail]

9. yeah...FUCK all those bond holders... n/t

[former9thward]

12. One of the biggest lenders is the Social Security trust fund.

So giving the lenders the finger is really going to work out, right?

[Divine Discontent]

13. yep. just further evidence that our elected leaders have intentionally held us hostage.

Get it now, or one of a million other designs! http://www.zazzle.com/republicans_2012_keeping_millions_out_of_work_bumper_sticker-128659602907896843?rf=238107662556833486

[girl gone mad]

14. Our credit rating is irrelevant. We have a sovereign currency.

Sovereign currency: the beer and travel money of 2011.