Fiscal Cliff: $4 Trillion Target Not a Magic Fix
The Obama plan and Boehner offer about $4 trillion in debt cuts over ten years as part of fiscal cliff talks. Economists note the goal is to slow debt growth to match or fall behind the economy, with no special magic in the $4 trillion figure.
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Washington
Barack Obama
House
John Boehner
Erskine Bowles
Alan Simpson
U.S
Obama
Congress
Congressional Budget Office
Why Curbing Debt Growth Matters for the Economy
The idea is that faster economic growth than debt growth enables tax revenue to cover interest payments, boosting creditor confidence and keeping lending cheap. The old goal of balancing the budget faded as deficits rose, shifting focus to limiting debt growth to unlock a stronger future economy and reduce overall debt.
Debt deal sparks split views on timing and scope
The debate over a deficit cutting package divides liberals and deficit hawks. Some seek growth first via spending, delaying debt reduction. others favor a larger deal now with savings pushed to the decade’s end. Economists urge credible long term savings including revenue and Medicare controls rather than one time fixes.
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Obama
Boehner
Government debt record in recent years
The government has not kept debt growth in check recently due to the 2007 2009 recession and slow growth. Deficits rose as revenue declined while spending rose to spur employment and aid low income people. The national debt surpassed 15.8 trillion this year, a level not seen since 1947.
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U.S
When Debt Turns Dangerous How High Is Too High
Economists dispute the exact cutoff point for debt. A study of 44 countries by Carmen Reinhart and Kenneth Rogoff links debt above 90 percent of GDP with roughly one percentage point slower growth. Other experts argue there is no clear threshold and cite instability as a problem.
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Carmen Reinhart
Kenneth Rogoff
Sweepstakes illegal ruling affects Gastonia businesses
North Carolina Supreme Court upheld a 2010 law banning video sweepstakes machines, ending a boom in Gastonia. DA Locke Bell outlines a brief grace period for shutdowns, then arrests and seizures follow. operators face abrupt loss of jobs and livelihoods as enforcement tightens.
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Gastonia
North Carolina
State Supreme Court
Gaston County
Pecca Marshall
East Franklin Boulevard
Marshall
Bell
James Mecham
California
The
Gazette
McDonald's
N.C. Court of Appeals
N.C. Supreme Court
Robin Hudson
General Assembly
Mike
Cheaper gas helps push consumer prices down in November
Washington report notes the consumer price index fell 0.3 percent in November from October, led by a 7.4 percent drop in gasoline prices. Yearly CPI rose 1.8 percent, below the Fed's 2 percent target, while the core CPI rose 0.1 percent month to month and 1.9 percent year over year.
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Washington
Federal Reserve
Labor Department
Fed
Chris Rupkey
Bank of Tokyo-Mitsubishi
New York
Sears
Henderson
Nev
U.S
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Bank of America Bac
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Best Buy Bby
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Retail Properties Rpai
Covidien Cov
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Curtis-Wright Cn
Scana Scg
Danaher Corp Dhr
SCHS
Dd Deere DE
Ace
School Specialty Inc
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Delhaize Deg
Dillards Inc
DDS
Snyder-Lance Inc Lnce
Donnelley & Sons
Southern Company Duk
Spectra Energy SE
DukeEars
FNB Utd
FNBN
Suntrust Banks Sti
Tampa Electric Co TE
HBI
Hanesbrand Target Tgt
Harley-Davidson Hog
Texas Roadhouse
TXRH
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Home Depot HD
Time Warner Inc Twx
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