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Cliff Notes: Winter Break Reading for Washington

Posted: December 29, 2012 at 8:15 am   /   by

Cliff Notes: Winter Break Reading for Washington

With Congress focused on naming post offices, Bankrupting America thought it would be helpful to compile some recent headlines showing how the economy is faring on their watch.  Unfortunately, the certainty and optimism that comes with naming new post offices wasn’t enough to restore consumer and investor confidence as we approach our $16.4 trillion debt limit and move closer to sliding off the fiscal cliff.

SHOT: Both Sides Playing The Blame Game, Acting In Own Political Self-Interests: “Both sides are playing blame-game politics, with no budget deal in sight just days before the year-end deadline. … The capital’s politicians seem wedded to acting in their own self-interest, rather than the national interest, even as we barrel toward a fiscal train wreck.” (Howard Kurtz, “Parties Resort To Finger-Pointing As U.S. Heads Over Fiscal Cliff,” The Daily Beast, 12/28/12)

CHASER:  Failure Would Be “Complete Abdication Of Their Responsibility To The Nation.” “Economists have warned of eventual recession, and Fitch Ratings and Moody’s Investors Service of U.S. credit downgrades. The mere specter of this government-induced economic catastrophe would undoubtedly deal great damage to the stock market and consumer confidence, both of which have already begun to slide.  Mr. Obama and Congress have four days left to fashion a deal. A failure to do so would be a complete abdication of their responsibility to the nation.” (Editorial, “Avoid The ‘Fiscal Cliff’,” The Washington Post,12/28/12)

What Washington Should Be Reading …

New York Times: “Stalemate In Washington Is Eroding Confidence Of Consumers” (Nelson D. Schwartz, The New York Times, 12/27/12)

The Hill: “Consumer Confidence Slides From Cliff” (Peter Schroeder, The Hill, 12/27/12)

CNN Money: “Stocks Fall Under ‘Fiscal Cliff’ Pressure” (CNN Money, 12/28/12)

USA Today: “U.S. Stocks Join Worldwide ‘Cliff’ Selloff”  (John Waggoner,  USA Today, 12/21/12)

MarketWatch: “Europe stocks drop on fiscal-cliff impasse” (Sara Sjolin, MarketWatch, 12/28/12)

POLITICO: “Longer the fiscal dive, harder the economic hit” (Ben White, POLITICO, 12/28/12)

Wall Street Journal: “Cliff Would Strike Low Incomes Hard” (John D. McKinnon,  The Wall Street Journal, 12/24/12)

Reuters: “Fitch Warns Fiscal Cliff Could Cost U.S. Its Triple-A Rating” (Marc Jones,  Reuters, 12/19/12)

CNBC: “Geithner Warns: U.S. Hits Debt Ceiling Monday” (Matt Twomey, CNBC, 12/26/12)

Washington Post: “Poll: Public Sours On What 2013 Will Bring” (Peyton Craighill, The Washington Post, 12/24/12)

Associated Press: “Shoppers Disappoint Retailers This Holiday Season” (Daniel Wagner, Associated Press, 12/26/12) is an educational project of Public Notice, an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing facts and insight on the effects public policy has on Americans’ financial well-being.