US growth may slow due to cuts
By Paul Taylor |
March 10, 2011, Thursday
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Print Edition
Print Edition
PUBLIC spending cuts forced by Congress would be a serious brake on United States economic growth, hitting jobs and demand, billionaire investor George Soros said yesterday.
He said the budget standoff between President Barack Obama's Democratic administration and the -Republican-controlled House of Representatives would force severe cuts in public services.
"While currently the US economy is improving, that is going to be a serious brake on that in terms of employment and effective demand," he said. "So I am a little bit less optimistic for the US economy than most people are currently."
Lawmakers crafted another stopgap spending bill in the House of Representatives on Tuesday to keep the government running, while the Senate was set to vote yesterday on two longer-term measures that appeared doomed to failure.
He said the budget standoff between President Barack Obama's Democratic administration and the -Republican-controlled House of Representatives would force severe cuts in public services.
"While currently the US economy is improving, that is going to be a serious brake on that in terms of employment and effective demand," he said. "So I am a little bit less optimistic for the US economy than most people are currently."
Lawmakers crafted another stopgap spending bill in the House of Representatives on Tuesday to keep the government running, while the Senate was set to vote yesterday on two longer-term measures that appeared doomed to failure.
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