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REPORT ABUSIVE REPLY
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Official Countdown to Zero Hour on US Budget Passage. Discuss Please :)
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Éireann |
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[ link to www.cbsnews.com] 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. Even if New Year's passed with no deal, few businesses or consumers would likely panic as long as an agreement seemed likely soon. The tax increases and spending cuts could be retroactively repealed after Jan. 1.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?  But presumably they might panic if no deal seemed likely, although as they say, t hey could pass something this time next year that made everything retroactive anyway, so really it doesn't matter at all.And they could do cartwheels down the isles of Congress. What I'm saying is, waiting is going to add to the fears of businesses. The ones who make jobs. I don't think they are going to bet on Bush's tax cuts being "retro active" later rather than sooner.
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