April 2012

As part of a last-minute agreement ending August’s debt ceiling standoff, legislation was signed into law calling for the creation of a deficit reduction “supercommittee.” The Joint Select Committee on Deficit Reduction, comprised of 12 members (6 Democrats and 6 Republicans) from both the House and Senate, was charged with finding ways to reduce the federal deficit by at least $1.2 trillion, and directed to report its findings by November 23, 2011. Of course, the outcome was well publicized–the committee announced that it was unable to reach a deal, and subsequently disbanded. Seen by many as the last best hope to reach a compromise, the committee’s failure casts the debt ceiling as one of several major issues that will ultimately be addressed by the coming election.

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Market Week: April 30, 2012

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