09 Aug '11, 2am

Obama, Republicans clash on debt 'supercommittee'

WASHINGTON: President Barack Obama and his Republican foes clashed Monday on whether a new congressional "supercommittee" could even look at raising taxes as it works to rein in runaway deficits by $1.2 trillion. The confrontation stoked concerns that the panel, created in the hard-fought debt-limit deal Obama signed into law last week, is doomed to deadlock even before leaders of the polarized House and Senate name its 12 members. Obama acknowledged "some skepticism" that the "the so-called 'supercommittee'" will forge a compromise but hoped that America's historic loss of its top-notch credit rating "will give us a renewed sense of urgency." "I assure you, we will stay on it until we get the job done," Obama said at the White House with global markets tumbling in a sell-off triggered by Standard & Poor's downgrade of the US credit rating from AAA to AA+. Republican and D...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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