Posted by: Chuck | October 18, 2013


Even as the government reopened its doors, congressional budget negotiators met Thursday and acknowledged that their search for agreements on deficit reduction and spending cuts has no assurance of achieving their goals. “Talking doesn’t guarantee success,” said Rep. Chris Van Hollen of Maryland, senior Democrat on the House Budget Committee, after he and Congress’ three other top budget writers held a breakfast meeting to discuss their upcoming two months of budget talks. “But if you don’t get together, obviously you don’t move forward.” House Budget Committee Chairman Paul Ryan, R-Wis., said the group’s goal was “to get this debt under control, to do smart deficit reduction, and to do things that we think will grow the economy and get people back to work.”–finance.html

GLOBAL MARKETS-Dollar slides as relief at U.S. debt deal fades – The dollar fell and Wall Street opened lower on Thursday as relief over a U.S. budget deal gave way to worries over the effects of the 16-day government shutdown and prospects of a re-run early next year. The legislation signed overnight by President Barack Obama to fund the government until Jan. 15 and extend a debt ceiling deadline to Feb. 7 did nothing to resolve the underlying disputes that led to the crisis in the first place. “The U.S. can give a sigh of relief for now but the New Year could bring a dangerous sense of déjà vu,” Luke Bartholomew, investment analyst at Aberdeen Asset Management, said. Equity markets in the United States and Asia initially welcomed the last-minute deal which pulled the world’s biggest economy back from the brink of a historic default, but the rally ran out of steam as the longer-term implicationssank in.

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