America now precariously dangles over the fiscal cliff, facing the ‘ravine of recession’; once again, only worse than before.
America’s about to go into yet another recession just days from now. Photo Credit: SMH
Instant tax hikes affecting everyone and mandatory budget cuts affecting predominantly the airlines industry, US military, seniors and the poor and lower middle class, are just around the corner come Tuesday January 1 2013, unless Congress approves a ‘last second’ budget.
But even if Congress reaches a stripped-down agreement, aides in both parties said it would be unlikely to address the other part of the “fiscal cliff”, an automatic $US110 billion reduction in government spending, split evenly between military and domestic programs, scheduled to take effect on Wednesday December 2 2013.
“Undoubtedly, we will take a hit,” the Democratic congressman Gerry Connolly of Northern Virginia said.
Except for Medicaid, Medicare benefits, food stamps and a few other programs – every government program would be sliced by 8.2 percent while the military programs will be cut 9.4 percent come January 2013.
And although Obama vowed in an October debate with the Republican presidential nominee, Mitt Romney, that the cuts “would not happen”, White House officials were telling allies their focus for now was merely to spare the middle class a tax rise.
Bottom line, America is going down the ‘fiscal cliff’.
The only question is: “To what extend?”
Contribution: Rosalind Helderman – SMH
Other Top Searches: > America's new recession - Barack Obama - fiscal cliff - government program cuts - US budget crisis - US budget Deficit - US Congress - us recession - White House
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