The fragile economy and wildly gyrating financial markets could put enormous pressure on Congress' new debt-reduction supercommittee. Yet even as leaders finished naming the bipartisan panel's members, it remained uncertain that it will ultimately agree on a savings plan.
“How have we come to be on the brink of economic disaster?” That is the beginning sentence in a recent letter to the editor, of the Grand Forks Herald. However, it has nothing to do with the tea party as the writer suggested, although many people like to blame someone else for dire things that happen. It has everything to do with irresponsible fiscal policy of the present administration and the Czars … overspending in particular.
The downgrade of the U.S. credit rating and volatile financial markets are weighing on the American economy, which, contrary to popular belief, is still moving forward, albeit at a slower pace than economists would like.
After the first-ever downgrade of the U.S. government's credit rating, the White House said Saturday that President Barack Obama believes it's clear Washington "must do better" in tackling the deficit.V
The fight over the debt ceiling has turned into a dramatic leadership test for President Barack Obama and House Speaker John Boehner, opponents in a divided government who've gone from negotiating in secret to facing off in public at a watershed moment for the country and their own political careers.
A half a world away from the Capitol Hill deadlock, the economy and debt crisis are weighing heavily on U.S. troops in Afghanistan. And the top question on their minds today even as bombings rocked the city around them, was one the top U.S. military officer couldn't answer. Will we get paid?
UPDATED 6:38 P.M. The word of the day in financial markets: Anxious.
The Dow Jones industrial average fell nearly 100 points, its sixth straight decline, as the U.S. edged closer to a Tuesday deadline to raise the country's borrowing limit or risk the prospect of a debt default. A dismal report on U.S. economic growth this spring also pushed stocks lower and sent the yield on the 10-year Treasury note to its lowest level of the year.
Daniel Wagner, David K. Randall, and Jonathan Fahey
, July 29, 2011
Minnesota's congressional delegation is split over how to avoid a potential U.S. debt default. Republican Rep. Chip Cravaack is among the conservative freshmen who helped derail a House debt-ceiling proposal over concerns it didn't cut spending aggressively enough.
Taking a stance once unthinkable in a time of two wars, Democrats and Republicans alike are insisting that the billions spent on the military can be significantly cut back over the next decade as the nation struggles to reduce its spiraling debt.
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