Weekly Wrap: Super committee woes
The Wall Street sign near the front of the New York Stock Exchange August 5, 2011.
Will the super committee come to any conclusion on how to cut the U.S. deficit in time for next week's deadline? This week's guests on the Weekly Wrap aren't so sure. Leigh Gallagher from Fortune Magazine and Cardiff Garcia from FT Alphaville say the super committee ongoings are similar to the debt talks that happened this past summer, and Americans shouldn't expect anything major and dramatic to come out in the next week.
On whether the super committee will really make a difference:
Cardiff Garcia: I think we're just spinning our wheels. What's been kind of interesting to see about the super committee is that as it stumbles its way towards failure, people have started caring less and less, right? Because we know that these cuts, these automatic cuts, won't take effect until the beginning of 2013. There was supposed to be motivations but they've proved just the opposite.
On what might happen next:
Leigh Gallagher: The fact that we're at impasse, first of all, this is just a smaller, more concentrated version of what went down this summer. So what happens? We could face another downgrade. It's possible.
For more analysis, listen to the entire dicussion above.