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States may hit borrow button if federal aid cut

Via: Reuters

States may go their own way in adopting fiscal policies and turn to more borrowing if Congress on Monday enacts a last-minute compromise plan raising the federal debt ceiling.

Across the nation, local officials — who spent the last month fretting that the United States would default for the first time — now fear the debt-cap bill will cut the federal deficit by yanking billions of dollars of aid from them.

The resulting cuts in all levels of government spending could further:

1. crimp consumers’ lifestyles

2. make poverty worse

3 threaten public safety

4. job-creating government contracts for healthcare and defense companies

5.possibly (possibly?, that’s a laugh) heightened risks for public pension investments.

Tom Cochran, executive director of the U.S. Conference of Mayors, said the federal cuts in the debt-ceiling agreement “mean fewer cops, fewer firefighters and less money for job- creation projects, housing and elderly care.”

To make up for the federal cuts, he called on Congress to close tax loopholes for corporations and individuals.



personal thought:

It’s true what the say, “shit rolls downhill’.


August 2, 2011 - Posted by | 2012, GOP morons | , , , , , , ,

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