'Super Committee' likely to announce failure to reach debt deal

http://edition.cnn.com/2011/11/21/politics/super-committee/index.html?hpt=ibu_c2


Summary: The United States needs to cut government spending due to the massive government dept. There was a meeting to discuss the proposed solution and ways to cut government spending. However the republicans believe that this act would hurt the middle and low class too much and not create job opportunities. There is no point in passing a law that cuts government spending but also cuts the amount of taxes due to the lack of job opportunities. This legislation might turn into another recession. However if no legislation is passed, automated spending cuts will be put in place. This however will be generic and decrease the spending in both the defense and non-defense section. This will hurt many small businesses and might also lead to another recession. The united states is on thin ice but as stated Becerra "I was always taught when you play a sport you don't give up until the buzzer sounds, and there's still time on the clock" and it is most definitively too early to talk about failure.

Economic concepts: Supply side policies, unemployment, GDP, government spendings