Automatic spending cuts a new threat to US economy
Automatic spending cuts and expiring tax breaks could weigh on economy without toppling it
By Christopher s. Rugaber, AP Business Writers | AP – 2 hours 8 minutes ago
WASHINGTON (AP) -- Just as the U.S. economy is making progress despite Europe's turmoil, here come two new threats.
Deep spending cuts are set to kick in if a congressional panel can't agree by Thanksgiving on how to shrink the budget deficit. And Congress may let emergency unemployment aid and a Social Security tax cut expire at year's end. Either outcome could slow growth and spook markets.