What Does the Super Committee Failure Mean For You?
Late Monday, the special congressional "super committee" created to help decrease the national debt admitted defeat. The twelve person bipartisan committee issued a statement saying, "Despite our inability to bridge the committee's significant differences, we end this process united in our belief that the nation's fiscal crisis must be addressed and that we cannot leave it for the next generation to solve."
Without a consensus from the committee, $1.2 trillion in automatic spending cuts will occur by next October, affecting everything from the Bush-era tax cuts to capital gains tax, and potentially sending the country back into the arms of recession. As if a premontion of that fate, the Dow Jones Industrial Average dropped 250 points in response to the announcement.
What does the failure of the super committee mean for businesses? Forbes looks at the what the committee was supposed to do and has come up with four possible scenarios, detailing what each outcome means both for industry and for the U.S.
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