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The Congressional supercommittee’s failure to reach an agreement on how to cut $1.2 trillion from the budget may not affect the U.S. credit score simply because plan “B” is in place. In August, the government agreed to raise the debt ceiling if there was an automatic plan in place to cut spending.

If the committee could not reach this agreement, automatic cuts to discretionary spending would begin in October of 2012. The “Supercommittee” is scheduled to vote on measures to reduce $1.5 trillion of U.S. debt by November 23^rd and $1.2 trillion in debt reductions must be enacted by January 15^th to avoid the automatic cuts.

Why is this so important to know? As we look at Greece and how they are handling their austerity measures, we get a view of what it will be like to tighten our belts and begin possible cut backs to important programs such as Medicare and Medicaid.

Program cuts will continue over a long period of time. This will require you to prepare accordingly now and pay attention to whether the Supercommittee reaches an agreement or not.

With more than $14.3 trillion in debt, the United States will be cutting expenses and that may affect you or someone you know. As these cuts take effect, job losses will continue to grow. The issue is not whether the Supercommittee fails to act. It is whether you fail to act now or not.

May you direct your outcomes.

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