The deal reached by lawmakers provided for cuts of approximately $2.5 trillion from the deficit over a decade. debt limit and ward off "Debtmaggedon," a possible default by the U.S. The downgrade came shortly on the heels of a last-minute agreement in Washington to raise the U.S. Treasury had no trouble attracting investors in subsequent auctions of government securities, perhaps reflecting the deep cynicism towards ratings agencies harbored by investors in the wake of the financial crisis. The downgrade ignited one of the most harrowing stretches in Wall Street history, with wild swings in the financial markets captivating the nation and the world. had maintained the highest credit rating since S&P first designated it AAA in 1941. It described the decision as a judgment about the nation’s leaders, writing that "the gulf between the political parties" had reduced its confidence in the government’s ability to manage its finances. from its list of risk-free borrowers for the first time, cutting its rating of long-term federal debt to AA+, one notch below the top grade of AAA.
On August 5, 2011, Standard & Poor’s ("S&P") removed the U.S. By contrast, 2007’s deficit was just $160 billion. The deficit, however, was $1.299 trillion, slightly more than the $1.293 billion deficit in 2010 and less than the $1.413 trillion deficit in 2009. officially closed its books on fiscal year 2011 with approximately $15.3 trillion in debt-still an all-time record-equating to 100.3 percent of GDP. Government Accountability Office issued its report on the 2011 fiscal year on December 23, 2011. government would run a deficit of $1.645 trillion in 2011. That would have equated to 102.6 percent of gross domestic product ("GDP")-the first time since World War II that that figure has been reached. President Obama released a fiscal year 2012 budget on February 14, 2011, projecting that 2011 would see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by September 30, 2011, the end of the fiscal year. The eye of the global financial storm moved to Europe in 2011-Greece, Italy, France, Portugal, Spain, and Ireland, in particular-where the maelstrom now threatens to dismantle the 27-nation European Union, or at least the 17-member eurozone, which now confronts the very real prospect of a Great Recession II if austerity measures fail to provide enduring financial triage. fared better in 2011 than many other countries.
In the U.S., the hallmarks of 2011 could readily have belonged to 2009 or 2010: high unemployment depressed home values high home-foreclosure rates a high poverty rate and a widening income disparity between rich and poor a national deficit of historic proportions and a (well deserved) crisis of confidence in a dysfunctional political leadership riven by vituperative partisan politics.
#Outlook 2011 for mac disallowed network list series#
Impacting worldwide financial and economic affairs in 2011 was a seemingly endless series of groundbreaking, thought-provoking, and sometimes cataclysmic events, including: Limiting the script to financial and economic developments, however, would leave a big part of the story untold, as we chronicle the (not so certain) aftermath of the Great Recession. A "roller-coaster ride of financial and economic uncertainty" would be one way to describe 2011.
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