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Deep Spending Cuts Pose A New Threat To US Economy
AP via Yahoo News ^ | 18 Nov 2011 | Christopher S. Rugaber and Daniel Wagner

Posted on 11/18/2011 5:05:21 AM PST by edpc

WASHINGTON (AP) — Just as the U.S. economy is making progress despite Europe's turmoil, here come two new threats.

A congressional panel is supposed to agree by Thanksgiving on a deficit-reduction package of at least $1.2 trillion. If it fails, federal spending would automatically be cut by that amount starting in 2013.

Congress may also let emergency unemployment aid and a Social Security tax cut expire at year's end.

Either outcome could slow growth and spook markets.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events; Politics/Elections
KEYWORDS: business; congress; econonmy; politics
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"There's no doomsday scenario in reducing government spending," said David Kelly of JP Morgan Funds.

Wait......what?

That can't be from the same article. It totally negates the conclusion of the misleading-as-hell headline.

1 posted on 11/18/2011 5:05:24 AM PST by edpc
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To: edpc
... federal spending would automatically be cut by that amount [$1.2 trillion] starting in 2013.

Does anyone believe this?

2 posted on 11/18/2011 5:14:21 AM PST by Tax-chick ("Without common referents, we are all merely inarticulate refugees from Babel."~Nicknamedbob)
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To: edpc

Liberals are having a cow over spending cuts.

“The Sky is falling!” The Sky is falling!”

Yeah, sure. The MSM doesn’t seem to have noticed our $15 trillion dollar record national debt.

And its worried we’re cutting a little spending! Go figure.


3 posted on 11/18/2011 5:16:18 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Tax-chick

No, but more importantly, does anyone believe it’s enough?


4 posted on 11/18/2011 5:17:16 AM PST by edpc (Wilby 2012)
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To: edpc

I remember when libs would have a cow about the amount of money that the gov’ment was spending.


5 posted on 11/18/2011 5:20:17 AM PST by Thorliveshere
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To: Thorliveshere

Liberals always cry wolf.

Its never as bad as they warn but they never say they were sorry they created unnecessary panic in the country.

They’re despicable in the way they make people feel fear and despair that nothing will ever get better instead of helping to give them hope for themselves and our country’s future.


6 posted on 11/18/2011 5:25:00 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: edpc
I have have one word for anyone who thinks that a government can spend its way to prosperity: Europe.
7 posted on 11/18/2011 5:25:24 AM PST by mewzilla (Forget a third party. We need a second one.)
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To: Tax-chick

No worries.
The 535 members of the world’s most corrupt free spending lunatics over in D.C. will find a way to continue spending and lining their pockets at our childrens’ expense.
All this talk about cutting will never happen as long as the (equally corrupt) voters continue to send their congress members back to office. No turnover = same ole sh!t.
They will postpone all that unpleasant stuff and appoint another “Blue Ribbon” commission to look into ways to kick the can down the road again.
There. I got my morning rant over with already. Sorry, but the answer to your “Does anyone believe this?” is no, not one bit.


8 posted on 11/18/2011 5:29:56 AM PST by WeldonsRight (Right and (apparently) wrong at the same time)
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To: edpc
... does anyone believe it’s enough?

No, I don't believe that, either.

9 posted on 11/18/2011 5:36:03 AM PST by Tax-chick ("Without common referents, we are all merely inarticulate refugees from Babel."~Nicknamedbob)
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To: WeldonsRight
There. I got my morning rant over with already.

Excellent - when one has a Rant, it's not healthy to hold it in!

Sorry, but the answer to your “Does anyone believe this?” is no, not one bit.

That's what I figured you meant.

10 posted on 11/18/2011 5:37:16 AM PST by Tax-chick ("Without common referents, we are all merely inarticulate refugees from Babel."~Nicknamedbob)
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To: edpc

If government spending can cure all ills why doesn’t the federal government just hire all the unemployed?


11 posted on 11/18/2011 5:37:35 AM PST by shoff (Vote Democratic it beats thinking!)
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To: edpc

Egads! The American people might be able to keep and spend an extra Trillion of their own money! NOOOOOOOO!!!!!!!! /sarc>


12 posted on 11/18/2011 5:40:49 AM PST by Teacher317 (really?)
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To: edpc
slow growth and spook markets

Gee, was thinking this might be some NEW news from our blind, deaf, and dumb media.
Thank Goodness, there is no slow growth or spooked markets, only the chance there may be.
WHEW ...

13 posted on 11/18/2011 5:51:30 AM PST by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen. --> AmeriCain)
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To: WeldonsRight

Don’t forget the part where we re-elect 90% of them because we don’t want “the other side” to win.


14 posted on 11/18/2011 5:54:22 AM PST by Wolfie
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To: edpc; ding_dong_daddy_from_dumas; stephenjohnbanker; DoughtyOne; calcowgirl; Gilbo_3; NFHale; ...
RE :”A congressional panel is supposed to agree by Thanksgiving on a deficit-reduction package of at least $1.2 trillion. If it fails, federal spending would automatically be cut by that amount starting in 2013.
Congress may also let emergency unemployment aid and a Social Security tax cut expire at year's end.

Automatically !!! WOW! 2013!!

15 posted on 11/18/2011 5:55:02 AM PST by sickoflibs (Cain :"My parents didn't raise me to beg the government for other peoples money")
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To: sickoflibs

Real gut grabbing emergency, 2013. LOL


16 posted on 11/18/2011 6:06:50 AM PST by org.whodat (Just another heartless American, hated by "AMNESTY" Perry and his fellow demorats.)
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To: edpc

No problem, Barry will just push one of his “emergency” spending measures and the news media will lead with pictures of poor, starving, homeless children harmed by the heartless Republicans.


17 posted on 11/18/2011 6:09:42 AM PST by FourPeas ("Maladjusted and wigging out is no way to go through life, son." -hg)
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To: edpc

Hey. The alcoholic who stops drinking or the heroin addict who stops shooting heroin goes through withdrawal. But when then come out the other side, they are healthier. We need to take this hit so we can go forward.


18 posted on 11/18/2011 6:13:07 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: sickoflibs; edpc; stephenjohnbanker; DoughtyOne; calcowgirl; Gilbo_3; NFHale
Unemployment benefits provide about $300 a week. Most of that money quickly and directly boosts consumer spending, which drives the economy.

We learn something new every day. As long as the govt. is paying unemployment checks, the economy will be healthy.

A congressional panel is supposed to agree by Thanksgiving on a deficit-reduction package of at least $1.2 trillion


19 posted on 11/18/2011 6:43:28 AM PST by ding_dong_daddy_from_dumas (Budget sins can be fixed. Amnesty is irreversible.)
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To: ding_dong_daddy_from_dumas

The RATS are going to take the spending cuts and feed it to the unions.

And no one sees this coming?


20 posted on 11/18/2011 7:28:31 AM PST by EQAndyBuzz (To fix government, we need a rocket scientist. Oh, wait we have one!)
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