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Subject Official Countdown to Zero Hour on US Budget Passage. Discuss Please :)

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http://www.cbsnews.com/8301-505123_162-57558869/u.s-economy-could-withstand-brief-fall-off-cliff/

It's the scenario that's been spooking employers and investors and slowing the U.S. economy:

Congress and the White House fail to strike a budget deal by New Year's Day. Their stalemate triggers sharp tax increases and spending cuts. Those measures shrink consumer spending, stifle job growth, topple stock prices and push the economy off a "fiscal cliff" and into recession.

The reality may be a lot less bleak.

[b][i]Even if New Year's passed with no deal, few businesses or consumers would likely panic as long as an agreement seemed likely soon. [/i][/b]The tax increases and spending cuts could be retroactively repealed after Jan. 1.

That's what they are hoping on?  That people won't panic?

:blink:
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But presumably they might panic if no deal seemed likely, although as they say, they could pass something this time next year that made everything retroactive anyway, so really it doesn't matter at all.
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Original Message As of today, December 14th, 2012, the US Congress has not decided on a budge and is no where near being able to vote on passage of any budget. President Obama won't compromise on his demand that Congress turn it's authority to limit government borrowing limits. The resistance to this demand lies on both sides of the Congressional isle, yet Obama is refusing to budge.

If the Congress should fail to come to a compromise with the President and not pass a budget by the deadline, come January, there won't be an American economy. I don't know what they are doing, but this is doom on a level I can't cope with. The suspense is killing me!

Will they pass a budge? What kind of compromise can there be when Obama refuses to give up his demand to control the countries purse strings? How can Congress pass any emergency measures when Obama is leaving them no room to maneuver?

[link to www.bloomberg.com]

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