With markets transfixed by the unprecedented developments across the Middle East and North Africa, it is perhaps understandable that the emerging train-wreck that is US fiscal policy is not getting much attention. This is a mistake. Guest post by FxPro An unusual late-night session on Friday resulted in the Republican-led House of Representatives agreeing to chop $61bn from the federal budget in the fiscal year ending September. This was in response to President Obama’s 2011/12 budget announced last week which was widely derided (especially by Republicans) for failing to deal with America’s fiscal largesse. Not that the Republicans are really facing up to the problems either. In the near term, the problem is that the current budget resolution expires on 4th March and, with Congress on vacation this week, this will leave only a few days to negotiate an extension. Failure to agree this extension, which ultimately funds each department, would risk a shutdown of the whole of government. The last time this took place was in 1995. US fiscal policy is a mess, and the politicians continue to fail to provide any real leadership on the issues involved in fixing it. It is a car-crash waiting to happen. Michael Derks Disclaimer: This material is considered as a marketing communication and does not contain and should not be construed as containing investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. FxPro does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on a recommendation, forecast or other information supplied from any employee of FxPro, third party, or otherwise. 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FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Opinions share Read Next AUD/USD Feb.23-Aussie Continues Down against US Dollar on Mideast Tamar Schoppik 11 years With markets transfixed by the unprecedented developments across the Middle East and North Africa, it is perhaps understandable that the emerging train-wreck that is US fiscal policy is not getting much attention. This is a mistake. Guest post by FxPro An unusual late-night session on Friday resulted in the Republican-led House of Representatives agreeing to chop $61bn from the federal budget in the fiscal year ending September. This was in response to President Obama's 2011/12 budget announced last week which was widely derided (especially by Republicans) for failing to deal with America's fiscal largesse. 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