Maybe it's just a coincidence, but this report --
"US Lacks Credibility on Debt, says IMF" (Financial Times)
The US lacks a “credible strategy” to stabilise its mounting public debt posing a small but significant risk of a new global economic crisis, says the International Monetary Fund.
In an unusually stern rebuke to its largest shareholder, the IMF said the US was the only advanced economy to be increasing its underlying budget deficit in 2011 at a time when its economy was growing fast enough to reduce borrowing. --
seemed the perfect complement to this one --
"Budget Cuts a Mix of Old and New, and Some Sleight-of-Hand" (Associated Press)
The $38 billion in spending cuts agreed to last week won't keep this year's budget deficit from setting another record high, estimated at $1.5 trillion.
The Treasury Department reported Tuesday that the deficit has already reached about $830 billion through the first half of the budget year.
Details of the budget cuts are emerging, and they show that most of the cuts either affect only future budgets, or amount to accounting gimmicks that won't reduce actual spending.
Another update on America, the next great...banana republic.
The coming Ecological deficit will make the economic
one look like child's play .
Posted by: roger | April 12, 2011 at 11:46 PM
This is so pathetic. These pansies in Congress can't cut any spending!
Posted by: econ crash | April 25, 2011 at 10:56 PM