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Louisiana Gov. Bobby Jindal was re-elected to a second term Saturday, winning in a landslide with little opposition from nine other candidates. Jindal, who was widely favored to win, had 66% of the vote with 98% precincts reporting, according to unofficial results from the Secretary of State.
For months, the party has focused on shrinking the government, sparking ugly battles with Democrats over the budget and the debt ceiling. But with job growth back at the top of the congressional agenda, Republican lawmakers have found themselves without a clear strategy to reduce the 9.1% national unemployment rate.
The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan. Hence, we expect at least one credit downgrade in late November or early December when the super Committee crashes.
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