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US joint select committee on deficit reduction

11-24-2011 14:20 BJT

The failure of the congressional "super committee" hasn't come as much of a surprise to many. The committee was set up in August, after negotiations over how to tackle the debt crisis broke down.

The group was aimed at preventing sovereign default, by effecting 1.2 trillion U.S. dollars in budget savings. Republicans favor spending cuts and reform of entitlements, like unemployment and health care.

Democrats on the other hand, preferred to repeal the generous tax cuts established by George W. Bush. Composed of six Republicans and six Democrats, it collapsed under the weight of ideological differences between the parties - both of which are playing to their constituencies ahead of the 2012 election.

Economists say this latest collapse is just the start of the sparring between the two parties.

 

Editor:Zhang Rui |Source: CNTV.CN

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