Friday, 28 December 2012

Fiscal cliff

The term is used to refer to tax increases and spending cuts to be applied automatically from end of this year in USA.

The deal has become a necessity after the downhill economic condition of USA. It has acquired huge debts post the adventures in Iraq and Afghanistan. The rest was taken care of the world financial crisis.

However there is disagreement between democrats and Republic over the income ceiling above which tax increase will apply.

No comments:

Post a Comment