|‘People are going to have to be willing to take some hits here,’ said Senator John F. Kerry about a deficit reduction deal.|
Kerry warns of economic disaster if supercommittee fails
Deficit impasse would trigger cuts, shake confidence
Senator John F. Kerry warned yesterday that the country could face an economic calamity with rising unemployment rates, escalating interest costs, and deep cuts to social programs if the so-called Super Committee cannot meet a Thanksgiving deadline to fashion a deficit-reduction deal. The failure to reach an agreement would send would send a “very dangerous’’ signal to global markets that Congress is incapable of handling the nation’s financial problems, he said. In addition, he said, the cuts that would be automatically triggered would gut programs for the poor.