Efforts to save the nation from extinction, by the end of the year "fiscal cliff" lost their cool, as lawmakers to escape from the Capitol building for their Christmas vacation. "God only knows" how to an agreement can be reached now, the house of representatives speaker John boehner announced.
President Obama and his town his way, adhere to the cheap, December 31 made. "Give me a hopeless optimist," he said.
Why it so hard the republicans and the Democrats compromise emergency matters tax and spending, what will happen, if they can't meet their deadline a see:
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A New Year's headache
Part of the design, part of the reason is the fate, some terrible financial strength to together started in 2013, unless congress and the Obama's behavior, in order to stop them. These measures include:
- about $53.6 billion tax increase, almost all americans contact, because different federal tax cuts and rest in due by the end of this year.
- about $11 billion between the military and most other federal agencies share the spending cuts. This is the annual budget, the pentagon 9% 8%.
And the national economy, increase revenue and spending cuts the double blow of what is called the "wealth cliff." If more than 2013 launch, this will lead to economic recession, unemployment and financial market turmoil, a big jump, economists had forecast.
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If they miss the deadline?
If there is no deal coming New Year's day, the state should not economy into recession in the shallow water immediately. And may be a soft landing.
As long as the congress and the President's work reached an agreement, taxes and spending cuts in the gulf of main held a few weeks. Then, they can trace was abolished, once the deal.
Big wild card is the stock market and the national financial confidence: traders began to panic, if Washington cannot reach an agreement and appear? Worry that consumers and firms will reduce their consumption? This may be a preview, all over the world share prices fell on Friday, after the house republican leaders plan to solve the financial collapse of a cliff.
The United States federal reserve chairman Ben Bernanke (Ben Bernanke) warned congress, the economy has suffered from uncertainty, they shouldn't blow the past period, may make the situation worse.
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If they don't agree?
If fully Obama and congressional negotiation between collapse, 2013 looks like a rocky year.
Tax will jump an average of $2400, the income of $50000 to $75000 family, according to the independent tax policy center a study. Because consumers will get their salary less money, enterprise and employment will be affected.
At the same time, the American people will think cutting government service, some federal workers will be laid off or laid-off, the enterprise will lose the government's business. Countries will lose 34000 jobs, the congressional budget office prediction.
"The consequences of, everyone will feel," bernanke said.
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tax
Many differences around George w. bush era of income tax cuts, and whether should allow those prices for the country's rich tax payers. The two parties say they will protect middle class to increase taxes.
In 2009 began to stimulate the economy, help low and middle income families set to January 1 due some tax preferential policies. Alternative minimum tax will be enlarged to capture more tax payers 28 million, rise by an average of $700 a year. Investment tax rise. Federal tax, will cover more mortality rate from 35% to 55%. Some enterprise's tax cuts will end.
Temporary social security payroll tax cuts also is about to expire. The most americans seem to have the tax cuts may be coming to an end, even if a fiscal cliff deal, now, Obama has from his telephone support, in order to prolong it as economic stimulus.
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consumption
If countries in financial cliff, will reach 8% or 9% of the budget cut the federal government, come in contact with all sorts of things from agricultural law enforcement and military meteorological forecast. In some areas, such as social security benefits, veterans affairs and some programs for the poor, be exempt.




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