Fiscal Canyons United States

The deadline to reach agreement on the ‘fiscal gap’ for both parties, the United States ended yesterday. The discussion is intended to address the issue of tax increases and budget cuts automatically.According to the latest information, although both parties have made progress in the handling of the issue, but because of the legislative procedure, it can be said the United States has fallen from ‘fiscal gap’.

Senate minority party leader of the United States, the Republican floor leader in the Senate, Mitch McConnell and Democratic leader, Vice President Joseph Biden at December 31, 2012 began talks yesterday on the issue of ‘fiscal gap’. President Barack Obama had stated yesterday afternoon that a deal to avert a major tax hike is being approached. Democratic Party has approved a draft tax reductions for families earning less than U.S. $ 450 thousand and an individual who earn U.S. $ 400 thousand. According to the draft, the annual family income of more than U.S. $ 450 thousand and individual annual income above U.S. $ 400 thousand since January 1, 2013 the tax would be raised from 35% to 40%. This means the return to the policy under President Bill Clinton. Meanwhile, Republicans are also members of concessions, which approved the tax increase by 5% for individuals who have property assets worth U.S. $ 5 million and a married SITRI has property assets worth U.S. $ 10 million. In addition, both parties also reached an agreement to extend grants to workers unemployed for a year. The United States Senate has passed a decision with a vote on last night.

Although there are many detailed issues are not resolved, but the agreement can be said to have achieved very significant progress. According to the legislation, it must be through a referendum approved by congress and the senate, and signed by President Obama, the new official can be enforced. However, until the last night, the Republican-controlled Congress announced they do not intend to vote on ‘fiscal gap’ on that day. In other words, although the Senate has reached an agreement and pass through a vote, but still can be submitted to the President for signature before formally implemented. Thus, it can be said, since at 0:00 on January 1, 2013 local time, the United States has fallen from ‘fiscal gap’.

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