US teeters on a fiscal cliff edge

[hvactec]

June 24 2012
The world's biggest economy risks recession unless Congress acts swiftly. Stephen Foley reports from New York

Politicians might be about to voluntarily put the world's largest economy into a double-dip recession.

The US is headed for what economists are calling a "fiscal cliff" at the end of this year, when massive government spending cuts are due to kick in at the same time as a big jump in tax rates. Not since the end of US government war spending in 1945 has there been such a sudden slamming on of the economic brakes. Even the bipartisan Congressional Budget Office (CBO) is sounding the alarm. Unless Congress acts, it says, the barely-recovered US economy will go straight back into recession.

Even though analysts, political pundits and investors believe Congress will surely do something to prevent disaster, they also agree it might take the threat of a stock market meltdown to bounce it.

read more US teeters on a fiscal cliff edge - Business Analysis & Features - Business - The Independent

 

[RoadVirus]

And if Romney wins in November, he'll have to deal with this shit while Obama get's to go back to whatever hole he came from and write another crappy book.

 

[rightwinger]

I'm sure Congress will step in, put aside their differences and do whatever is necessary to keep us from going over a fiscal cliff.....

 

[RoadVirus]

I'm sure Congress will step in, put aside their differences and do whatever is necessary to keep us from going over a fiscal cliff.....

If that were true, they would've done it months ago, not wait until the 11th hour.

 

[DSGE]

Any fiscal tightening will be offset by more expansionary monetary policy. Nothing to worry about.

 

[rightwinger]

I'm sure Congress will step in, put aside their differences and do whatever is necessary to keep us from going over a fiscal cliff.....

If that were true, they would've done it months ago, not wait until the 11th hour.

Just kidding

 

[dilloduck]

Excuse me but the Fed is in charge of our economic situation. They get paid to fix this stuff.

 

[iamwhatiseem]

You are going to hear a LOT of bad news in the coming weeks - not necessarily because anything is worse - but because they have to start selling QE3 and global bailouts before the year is out.
The banks want more of your money.

 

[Avorysuds]

I'm sure Congress will step in, put aside their differences and do whatever is necessary to keep us from going over a fiscal cliff.....

If that were true, they would've done it months ago, not wait until the 11th hour.

Just kidding

Guess all that stimulus spending didn't fix anything after all... Just floated the economy and left us with debt, as predicted.