By Albert N. Milliron Already blame is being cast on one another in the Super Committee. A group of 6 Republicans and 6 Democrats from the House and Senate charged with cutting a mere 1.5 Trillion from the debt. With the National Debt at 15 Trillion, 150 Billion a year is a drop in the bucket. One can only infer that the committee was set up to fail and “Kick [...]
by Albert N. Milliron One year before the 2012 election, Congressional Job approval remains at all time lows. Gallup who tracks approval ratings for Congress show a graph that contains approval ratings for 2011. Had one gone back to 2009, following the Healthcare bill and the Stimulus package, approval ratings were at 13% as well despite the Former Speaker going on the Daily Show and declaring that the good ole [...]
Another credit downgrade is in the works in the likely event that the super committee punts on reining in spending and reducing debt. via Moodys ready to downgrade US if committee fails – YouTube.
There is some speculation that the White House wants the Super Committee to fail so that the President can continue his Campaign stump speech that the Congress is a “Do Nothing” entity and “we can’t wait” for them to act. The Presidents entire effort to get re-elected is that he says he will act without Congress from the executive branch. Senate Minority Leader Mitch McConnell, R-KY., today suggested that the [...]
In an analyst note, Bofa/ML Ethan S. Harris drops a bit of a bombshell prediction: We expect a moderate slowdown in the beginning of next year, as two small policy shocks—another debt downgrade and fiscal tightening—hit the economy. The “not-so-super” Deficit Commission is very unlikely to come up with a credible deficit-reduction plan. The committee is more divided than the overall Congress. Since the fall-back plan is sharp cuts in [...]