NEW YORK (AP) — Stock futures are falling amid reports that a key congressional committee will fail to reach an agreement this week on how to cut the U.S. government’s budget deficit.
Less than two hours before the opening bell Monday, Dow Jones industrial average futures are down 156 points, or 1.3 percent, to 11,611. S&P 500 index futures are down 18, or 1.5 percent, to 1,195. Nasdaq 100 futures are down 21, or 1 percent, to 2,228.
A 12-member bipartisan panel is supposed to agree on at least $1.2 trillion in deficit cuts by Nov. 23.
If the committee fails, it will trigger automatic spending cuts over 10 years starting in 2013. Analysts say that if Congress tries to dismantle those cuts, it could lead to another downgrade of the U.S. credit rating.