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The odds the United States will slip back into recession next year have risen, ratings agency Standard & Poor's said, citing risks from the European debt crisis and budget tightening at year-end.
The US ratings firm raised the chance of the US falling into recession to 25 percent, up from a 20 percent chance estimated in February, as the world's largest economy struggles to recover from a severe 2008-2009 slump.
It also pointed to the looming possibility of the government being forced by existing law to severely cut spending and increase taxes on January 1, the so-called fiscal cliff that would crunch the economy.
"Economic activity has downshifted sharply from earlier this year," S&P said in a report on North American credit conditions amid global uncertainty, dated August 20.
The odds the United States will slip back into recession next year have risen, ratings agency Standard & Poor's said, citing risks from the European debt crisis and budget tightening at year-end.
The US ratings firm raised the chance of the US falling into recession to 25 percent, up from a 20 percent chance estimated in February, as the world's largest economy struggles to recover from a severe 2008-2009 slump.
It also pointed to the looming possibility of the government being forced by existing law to severely cut spending and increase taxes on January 1, the so-called fiscal cliff that would crunch the economy.
"Economic activity has downshifted sharply from earlier this year," S&P said in a report on North American credit conditions amid global uncertainty, dated August 20.
This is Obama's fault? I don't remember Obama pushing for the terrible Budget Control Act that Boehner got "98%" of what he wanted. I guess this means that Republicans will have to choose between their ideology and the economy.
Your so interested in blaming that you can not get to the point of asking "What do we do about it?"
What do we do about the near 16 Trillion in debt
What do we do about the coming millions more in job losses
What do we do about Sequestration (more job losses)
What do we do to grow the economy decreasing the unemployment rate. I hear over and over again that people are understanding the seriousness of our financial condition.
Your so interested in blaming that you can not get to the point of asking "What do we do about it?"
What do we do about the near 16 Trillion in debt
What do we do about the coming millions more in job losses
What do we do about Sequestration (more job losses)
What do we do to grow the economy decreasing the unemployment rate. I hear over and over again that people are understanding the seriousness of our financial condition.
This is Obama's fault? I don't remember Obama pushing for the terrible Budget Control Act that Boehner got "98%" of what he wanted. I guess this means that Republicans will have to choose between their ideology and the economy.
I remember Obama saying he'd be held accountable.
I remember that Obama hasn't passed a budget yet.
I remember that Democrats wouldn't compromise.
I remember that Obama ordered a budget/deficit commission and then ignored their recommendations.
Who writes legislation to combat the fiscal cliff and double dip recession?
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