31. Only an overly political budget, long on tax give-aways but short on spending cuts, could pull stocks lower, traders said. 32. Proponents say a balanced budget amendment is needed to force lawmakers to make unpopular spending cuts in order to reduce the federal deficit. 33. Rather, the idea is a political tool that allows conservative Democrats to support spending cuts without embracing the GOP tax cuts. 34. Republicans in the House intend these spending cuts to help cover the cost of tax cuts in the first five years. 35. St. Louis stocks fell this week, hurt by concerns that government spending cuts and reduced consumer spending will slow the economy. 36. Such tax reductions would be favored only if they could be offset by spending cuts, Raines said. 37. Supporters of blocking the amendment said any bill to increase the debt limit should include spending cuts towards a balanced budget. 38. Spending cuts are not the only options available. 39. The bill will also include spending cuts in government health programs like Medicare and Medicaid, welfare and student loans. 40. The agreement contains a number of questionable assumptions of sharp, undefined future spending cuts that will have to be made just before an election. |