We have a deal on extending the payroll tax cut–for two whole months. It may put a few extra bucks in the pockets of working Americans, but it is an accounting nightmare for business. This isn’t much of a fix to the ailing economy, but we really don’t have much in the way of leadership on either side of the aisle. Also, the EU has kicked the can down the road for a little while longer by extending more loans to troubled insolvent banks. It won’t crash during the holiday season, but all bets are off for 2012.
Meanwhile, on this side of the pond, Fitch is threatening a debt downgrade for the U.S. Why is this ratings agency going to follow the path S&P has already taken? The answer is, of course, too much debt, which now stands at more than $15 trillion. Looks like Romney and Paul are fighting it out at the top of the Iowa polls, while Newt Gingrich takes a dive. Speaking of Congressman Paul, he says America has been set up for martial law because of the recent passage of the National Defense Authorization Act (also known as indefinite detention.) North Korean leader Kim Jong Il died this week and will be replaced by his 28 year old son, Un. He will be backed up by his uncle. People in the region are breathing a sigh of relief because this nuclear armed country will make a conflict free transition. All these stories and more from Greg Hunter’s USAWatchdog.com on the Weekly News Wrap- Up.