Obama to Address Looming Fiscal Cliff

Obama to Address Looming Fiscal Cliff(Washington) – Re-elected President Barack Obama is due to make a statement on the economy, setting the stage for a political showdown over a looming budget crisis. He is expected to discuss the so-called fiscal cliff, a package of tax rises and spending cuts due early next year unless Congress acts.
Budget analysts have warned that the US will tip into recession unless a deal is struck. Obama has repeatedly called for the wealthy to pay more taxes. The fiscal cliff would see the expiry of George W Bush-era tax cuts at the end of 2012, combined with automatic, across-the-board reductions to military and domestic spending.

Posted on Nov 9 2012. Filed under Business, Front, Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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