President Obama hoped the Super Committee of both Republicans and Democrats would trim the budget by $1.2 trillion. As you probably heard, the committee of twelve could not come to an agreement.
Europe is not much better. I doubt if we will ever know what is really going on there, just as we do not really know what is going on in the US. We do not know the truth because I doubt anyone knows what the truth is. We have been lied to for so long no one knows what the truth is.