Related
Fiscal crisis : Obama tells Congress to cool off over… 22/12/2012 03:05 CET
Fed says US economy weaker, but no policy change 01/08/2012 20:42 CET
Obama: budget sticking resumes 10/04/2013 19:16 CET
Obama seeks budget deal with Republicans 10/04/2013 19:25 CET
Central banks respond to crisis challenge 04/04/2013 17:59 CET
Europe’s debt crisis may be going global and worrying world markets, but what about the woes of number one economy America?
The world may have to wait for any positive movement on debt from Washington until at least 2013 following the failure of the supposedly bipartisan supercommittee to reach a deal on Monday.
“Although Congress has not come to an agreement yet, nothing prevents them from coming up with an agreement in the days ahead. I will veto any effort to get rid of those automatic spending cuts, domestic and defense spending. There will be no easy off ramps on this one,” said President Obama, insisting there would be no opt-outs from across-the-board automatic cuts that are triggered in 2013 if no deal is reached.
The danger is if America will not provide the lead everyone is in thrall to the ebbs and flows of a spooked market, and it is highly unlikely that in the 2012 election year there will be any breakthrough.
The nightmare is that the intervening period could see such American economic disarray that Washington may be unable to provide a lead once the election dust settles.
More about: American budget, Economic crisis, USACopyright © 2013 euronews
JavaScript is required in order to view this article’s accompanying video
Top Stories
US: Major disaster declared in Oklahoma after tornado leaves 91 dead
A powerful tornado has torn through a suburb of Oklahoma city in the US, leaving at least 91 people dead - including 20 children. The three kilometre wide…
Protesters greet Sein in US
Protesters gathered as the president of Myanmar arrived at the White House. Rights groups and some…
Paris drizzles as Moscow sizzles in Europe’s warped…
Spring in the Pyrenees "arrives early and quickly feels like the summer", according to one tourist…
latest economy news
Greek banks to be sold- Slovenia’s shaky banks bring a downgrade from Fitch
- Italy freezes hated property tax, doesn’t say how will make…
- European car sales rise, but it is a ‘dead cat bounce’?
- Turkey gains investment grading from Moody’s
- Stimulus measures boost Japan’s growth
- Greece seeks Chinese investors
- Falling eurozone inflation raises deflation fears
- Eurozone economy in longest ever recession
- Brussels opens oil ‘price-fixing’ probe
