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News Link • Economy - Economics USA

Debt Panel Declares Defeat, Congress to Block Cuts

• AP

Failure by Congress' debt-cutting supercommittee to recommend $1.2 trillion in savings by Wednesday is supposed to automatically trigger spending cuts in the same amount to accomplish that job.

But the same legislators who concocted that budgetary booby trap just four months ago could end up spending the 2012 election year and beyond battling over defusing it.

 

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Comment by Powell Gammill
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http://www.reuters.com/article/2011/11/21/us-usa-debt-idUSTRE7AJ0KE20111121


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