Friday, July 29, 2011

Deal Or No Deal, Pain Is Coming

Matt Assad

Default might be a doomsday scenario, but major federal cuts could bring pain to most everyone.

If warring politicians in Washington are somehow able to join hands in a rousing verse of debt-ceiling kumbaya , Pennsylvanians might be tempted to breathe a collective sigh of relief.
But experts say that even if the government can strike a deal to prevent the nation from defaulting on its debt before the money runs out Tuesday, no one should feel too comfortable. Deal or no deal, pain is coming..
"No matter what, we're looking at severely reduced spending on the federal level," said Michael Wood, research director at the Pennsylvania Budget and Policy Center. "There's no way that can't affect all of us in some way.". . . . .

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