Two Federal Reserve officials warned Tuesday that the U.S. could be heading for a "fiscal cliff" at year's end if mandated tax increases and spending cuts are implemented.Obama will do his best to allow the tax hikes to go into effect while canceling the spending cuts - liberal nirvana and a sure path to economic collapse.
Charles Evans of the Chicago Fed called the cliff a "big uncertainty" while Atlanta Fed President Dennis Lockhart said there could be a "financial shock" if markets begin to anticipate that Congress and the White House do little to address this situation.
The expected tax increases and spending cuts were triggered when a congressional "super committee" failed to come up with a way of closing the federal budget deficit.
Wednesday, May 02, 2012
Look out below!
Posted by Rick Moore on 5/02/2012