skip to main |
skip to sidebar
OBAMA PRAISES 'FISCAL CLIFF' DEAL
President Obama
Praises 'Fiscal Cliff' Deal with vice president joe biden at his side,makes a statement regarding the passage of the fiscal cliff bill...
BBC..Barack Obama has hailed a deal reached to stave off a
"fiscal cliff" of drastic taxation and spending measures as
"just one step in the broader effort to strengthen the economy".
The US president was speaking after the House of Representatives
passed a Senate-backed bill by 257 votes to 167.
It raises taxes for the wealthy and delays spending cuts for two
months, reports the BBC.
There had been intense pressure for the vote to be passed before
financial markets reopened on Wednesday.
In Tuesday night's house vote, 172 Democrats and 85 Republicans
voted in favour of the bill.
It had been passed in the Senate less than 24 hours earlier by
89 votes to eight after lengthy talks between Vice-President Joe Biden and
Senate Republicans.
Speaking before returning to Hawaii for his interrupted
Christmas holiday, Obama said he was open to compromise on budgetary issues,
but would not have another debate with Congress about the so-called "debt
ceiling".
The "fiscal cliff" measures - cutting spending and
increasing taxes dramatically - came into effect automatically at midnight on
Monday when George W Bush-era tax cuts expired.
The January 1 deadline triggered tax increases of about $536bn
and spending cuts of $109bn from domestic and military programmes.
Economists had warned that if the full effects of the fiscal
cliff were allowed to take hold, the resulting reduction in consumer spending
could have sparked a new recession.
The compromise deal extends the tax cuts for Americans earning
under $400,000 (£246,000) - up from the $250,000 level Democrats had originally
sought.
In addition to the income tax rates and spending cuts, the
package include..
Rises in
inheritance taxes from 35% to 40% after the first $5m for an individual and
$10m for a couple
Rises in capital taxes - affecting some investment income -
of up to 20%, but less than the 39.6% that would prevail without a deal
One-year extension for unemployment benefits, affecting two
million people
Five-year extension for tax credits that help poorer and
middle-class families..
Blogger Wordpress Tips
+ comments + 1 comments
It's going to be finish of mine day, however before end I am reading this great piece of writing to improve my experience.
My page :: proform coupon
Post a Comment
Important - Let the world know that you are here--Comment to this Article using the comment box-- Ask your Questions, Suggestions or just mail me!!.For non blogger use Name/URL for comment Just type your name and comment!