Arab Today, arab today us warned over budget chaos as big cuts loom
Last Updated : GMT 23:49:03
Arab Today, arab today
Arab Today, arab today

US warned over budget chaos as big cuts loom

Arab Today, arab today

Arab Today, arab today US warned over budget chaos as big cuts loom

Washington - AFP

The United States was warned Wednesday that its chaotic budget politics could lead to a new credit downgrade as the country readied for the impact of steep automatic spending cuts that begin in two days. Fitch Ratings said Washington could lose its top-flight AAA credit rating, not because of the implementation of $85 billion in an austere \"sequester,\" but because deficit policy battles are undermining confidence in the government. It pointed to the next fight, over a new six-month spending plan that if not agreed by the end of March by warring Democrats and Republicans could force a shutdown of the government in April. \"Implementation of the automatic spending cuts -- the sequester -- and a government shutdown would not prompt a negative rating action,\" Fitch said.. \"But such an outcome would further erode confidence that timely agreement will be reached on additional deficit-reduction measures necessary to secure the \'AAA\' rating.\" Politicians appear resigned to the sequester cuts that begin from March 1, forcing heavy pullbacks in government spending on defense and other areas. But markets shrugged it off, as stocks pushed higher for the third straight day and the Dow Jones Industrial Average jumped 1.3 percent to its best finish in more than five years -- at 14,075.37, it was its third highest ever close. \"The recognition is that the economy will continue to expand in 2013 and 2014, said Hugh Johnson of Hugh Johnson Advisors. \"Investors do not believe that it will lead to a recession, and that wasn\'t true for the fiscal cliff,\" he said, referring to earlier cuts and tax hikes that had been set to start on January 1, before a political deal modified them. Economists, including Federal Reserve chief Ben Bernanke, say the sequester could trim another 0.5 percentage point or more from US growth this year. The White House has warned of a \"perfect storm\" of furloughs for workers, nationwide airport delays and less secure US borders, and says pre-school programs could be canceled, teachers laid off and public services curtailed. Alice Rivlin, a Brookings Institution economist and formerly a top government budget expert, said the sequester cuts will \"endanger the economic recovery that is finally picking up speed.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us warned over budget chaos as big cuts loom Arab Today, arab today us warned over budget chaos as big cuts loom

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us warned over budget chaos as big cuts loom Arab Today, arab today us warned over budget chaos as big cuts loom

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday