US "super committee" deadlocked

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In the US, Republicans and Democrats have all but conceded defeat in the quest by the congressional "super committee" to identify 1.2 trillion U.S. dollars in budget savings by Wednesday.

Democrats generally advocate a mix of spending cuts and increased revenues to achieve the savings target. Republicans, however, argue that more taxes on the wealthy would jeopardize job creation.

Economists say the failure of the "super committee" may have dire consequences for the U.S. and lead to another downgrade of its credit rating.

However, most analysts say it won't lead to a huge sell-off in financial markets.

Editor:Liu Fang |Source: CNTV.CN



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