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Obama to Veto Any Bill Which Eliminates Mandatory Scheduled Spending Cuts

“President Obama threatened to veto any attempt to eliminate the $1.2 trillion in mandatory spending cuts scheduled to take effect in 2013 now that the super committee has failed.

In a terse statement from the White House briefing room, Obama said, “I will veto any effort to get rid of those automatic spending cuts. There will be no easy off ramps on this one.”

He added that he will also push Congress to extend the payroll tax cut into 2012, warning that if lawmakers fail to act “taxes for every American will go up next year.”

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BIGGEST LOSERS (1 week)

No. Ticker 1-week Return Industry
1 HEV -62.96 Industrial Electrical Equipment
2 FTWR -61.38 Wireless Communications
3 RMBS -54.77 Semiconductor- Memory Chips
4 PERY -42.61 Textile – Apparel Clothing
5 MTOR -37.70 Auto Parts
6 MF -35.48 Investment Brokerage – National
7 FMCN -34.42 Chinese Burritos
8 CIS -31.82 Chinese Burritos
9 TWER -30.00 Diversified Communication Services
10 HSOL -29.24 Solar
11 YOKU -26.38 Chinese Burritos
12 LRN -25.87 Education & Training Services
13 MTL -25.06 Steel & Iron
14 TX -24.41 Steel & Iron
15 DCTH -23.81 Drug Delivery
16 MOTR -23.60 Diversified Communication Services
17 GBG -23.57 Gold
18 YNDX -23.06 Internet Information Providers
19 GERN -22.95 Drug Manufacturers – Other
20 TIV -22.73 Oil & Gas Drilling & Exploration
21 MGI -21.72 Business Services
22 OCZ -20.54 Data Storage Devices
23 CVI -20.54 Oil & Gas Refining & Marketing
24 OMX -20.51 Specialty Retail, Other
25 WNR -20.14 Oil & Gas Refining & Marketing
26 DK -19.90 Oil & Gas Refining & Marketing
27 LDK -19.83 Solar
28 THQI -19.33 Multimedia & Graphics Software
29 YMI -19.23 Drug Manufacturers – Other
30 YONG -19.07 Chinese Burritos
31 CSIQ -19.06 Solar
32 GPL -18.98 Silver
33 AMR -18.93 Major Airlines
34 CXM -18.86 Biotechnology
35 ANF -18.81 Apparel Stores
36 GENE -18.12 Biotechnology
37 NBG -18.00 Foreign Money Center Banks
38 GFA -17.95 Residential Construction
39 HGSI -17.89 Biotechnology
40 MOBI -17.85 Business Software & Services
41 ANR -17.79 Industrial Metals & Minerals
42 RENN -17.68 Chinese Burritos
43 CENX -17.67 Aluminum
44 NTAP -17.62 Data Storage Devices
45 MFN -17.61 Industrial Metals & Minerals
46 Z -17.61 Property Management
47 REE -17.58 Industrial Metals & Minerals
48 JASO -17.30 Solar
49 KEM -17.27 Diversified Electronics
50 SPRD -17.10 Chinese Burritos

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