American Opinion - On fed spending cuts:
From The Associated Press
An excerpt from recent editorials in newspapers in the United States:
On fed spending cuts:
Lawmakers in Washington are expected to pass another short-term spending bill soon to keep the government operating for another few weeks, but they've been unable to agree on a broader measure that would fund operations for the remaining six months of the fiscal year. House Republicans, many of whom pledged during their campaigns to seek $100 billion in immediate cuts, are holding out for at least the $61 billion in reductions approved by the House last month -- as well as provisions blocking implementation of the health care reform law and numerous environmental regulations. Leading Senate Democrats have agreed to about $10 billion in reductions, but would prefer to postpone deeper ones at least until the next fiscal year.
The best way to reduce the deficit, however, is not simply through spending cuts but also with economic growth. And although the U.S. economy is picking up steam, threats to the recovery are looming. ...
The uncertainty should be enough to dissuade lawmakers from making dramatic spending cuts now that could lead to significantly fewer jobs being created. Federal Reserve Chairman Ben S. Bernanke warned a congressional committee recently that slashing $60 billion at this stage would probably slow economic growth enough to result in 200,000 fewer new jobs over the coming two years. ...
Congress can't stay the spending course indefinitely and count on a growing economy to solve the problem -- it can't. But there's a real risk to slamming on the federal brakes when the private sector isn't fully up to speed.
-- Los Angeles Time