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With the fiscal cliff -- -- credit agencies warning it could trigger a quote unnecessary and avoidable recession right here in the US.
Elizabeth MacDonald has the bottom line here yeah.
I think the women look at Fitch's they're usually less to act right they usually pretty laconic and laid back and how they would.
We use the language in their warnings that what they're saying is that yes -- US is looking pretty good that the housing market is coming back that the economy.
Seems to be stabilizing has diversified and wealthy and -- -- -- finances there shoring up but there's say unavoidable and unnecessary.
Is in the offing because of fiscal problems in Washington DC glory and all the talk in all of that.
Sort of preconceived -- right and that the sentiment and confidence right that always factors and so what kind of timeline for possible that a downgrade -- what we're talking about a fifth just talking a fox this is they're saying it's 5050 odds of a downgrade from Fitch and that could happen within the next year.
But -- -- isn't a lot of other interesting things is that the debt limit.
We'll likely be raised again in 2013 they're saying that the US congress are probably have to avoid the spending cuts not -- the spending cuts.
And not raise taxes because -- -- The debt of the US government is gonna reach beyond the 100% of GDP -- -- three gross.
And -- -- -- had a 3% GDP is going to be.
Recent chewed up -- gross debt total debt child so -- -- -- -- -- pretty stiff warnings here they're saying the risks are to the downside but they have so I mean yeah are asking that thank you you're.
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