Is Congress to Blame for a Downshifting US Economy?

0 Posted by - July 5, 2012 - Career & Business, Economics, Money

congress photo on steps 300x225 Is Congress to Blame for a Downshifting US Economy?Evidence is mounting that the economy is taking a hit because Congress can’t – or won’t – deal with the ‘fiscal cliff’ looming at year’s end. The fight on Capitol Hill last summer over the national debt limit also took an economic toll.

A rising chorus of voices, inside and outside Washington, is warning that political gridlock in Congress is now so severe that it has actually done damage to the economy – and threatens to do a lot more.
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President Obama, of course, is the chief “blame Congress” finger-pointer, perhaps to be expected as he fights to win reelection as the economy flails. But plenty of others – Federal Reserve Chairman Ben Bernanke, the US Chamber of Commerce, and Congress’s own budget office, to name a few – also cite Congress as a factor that is inhibiting economic recovery, though they put it more diplomatically than does Mr. Obama.

CONTINUED at CNBC.

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