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Taxpayers must pay the freight for over-budget train projects
Topic - Joseph G. Carson
The U.S. economy has fared better than expected this year after widespread fears that $85 billion of automatic spending cuts and sharp increases in taxes imposed at the beginning of the year would snuff out growth.
Moody's Investors Service on Tuesday warned that it will downgrade the U.S. government's AAA credit rating if Congress and the newly installed president next year fail to produce a major budget agreement that stabilizes and reduces the U.S. debt.
Reading the economy these days is like taking a Rorschach test: Optimists see signs of progress in each economic report, while pessimists see the end of the expansion and many others host middling views.
Joseph G. Carson, an economist at AllianceBernstein, said the economy's strength is likely to be further revealed Wednesday when the government releases revisions of its gross domestic product report that are likely to increase estimates of growth since 2009 above the sluggish 2 percent average reported thus far.
he said, and the combination suggests that the economy has more underlying strength than previously reported.