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Goldman Explains What The Supercommittee Failure Means
By now everyone knows that the Supercommittee is an official dud. But what does that really mean for the economy and the stock market? Goldman's Alec Phillips chimes in with one of the better explanations of what this means. "The fiscal super committee announced today (November 21) that it would not reach agreement, and that its deliberations had concluded. Super committee failure means that (1) there is greater risk that the payroll tax cut expires, though there is still a chance this could be attached to a year-end spending bill; (2) spending cuts in 2013 will be more severe than they would have been under a super ... (full story)