NEW YORK (AP) — Like the sequel of blockbuster horror movie, the debt ceiling may strike again.
In an echo from early August, a gridlocked bipartisan Congressional committee must find a way to agree on a deficit reduction plan by Nov. 23rd. Congress itself must then pass the bill, without changes, by Dec. 23rd.
If it doesn't, $1.2 trillion in spending cuts will automatically take effect beginning in 2013. Analysts worry that the looming cutbacks, which are scheduled at time when the economy is expanding at an annual rate of just 2.5 percent, could knock the U.S. back into another recession.
That's because the cutbacks wouldn't be the only drag on the economy. If Congress …
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