Investors Dread-Letter Day: 11/23Mystery Surrounding Budget Supercommittee Keeps Markets in Limbo as Deadline Nears
By BRENDAN CONWAYAssociated PressThe co-heads of the so-called deficit-reduction supercommittee, Rep. Jeb Hensarling R., Texas and Sen. Patty Murray D., Wash., have investors on edge as the panels progress on a deal by Thanksgiving remains shrouded in mystery.Call it Wall Streets other geopolitical driver, one played out not in Athens or Rome, but close to home in Washington. WSJs Janet Hook reports on yet another week ending without a deal from the congressional deficit supercommittee. Plus, what is likelihood that the deficit negotiations will come down to the 11th hour?As stock-market investors fret over sovereign-debt contagion in Europe, a Nov. 23 deadline for the U.S. Congresss so-called budget supercommittee is fast approaching. The committee is assigned to devise at least $1.2 trillion in deficit-reduction measures over 10 years, or else automatic cuts ordained by Washingtons summer debt-ceiling agreement are triggered.