"You and I have a rendezvous with destiny. We will preserve for our children this, the last best hope of man on earth, or we will sentence them to take the first step into a thousand years of darkness. If we fail, at least let our children and our children's children say of us we justified our brief moment here. We did all that could be done."
Ronald Reagan

Friday, November 16, 2012

Fiscal Cliff - The Economics

U.S. President Barack Obama will hold his first press conference today (Wednesday 11/14/2012) since winning re-election and will state his case for a whopping $1.6 trillion in tax hikes to fight the fiscal cliff.

Democratic and Republican policy makers returned to Washington, D.C. on Tuesday with just seven weeks left to come up with some sort of compromise. If the two opposing sides fail to reach an agreement and the nation falls off the cliff, a recession in 2013 is guaranteed, the Congressional Budget Office has warned on a number of occasions.

Negotiations with congressional leaders will convene Friday.

But while Washington takes its time to argue over the fiscal cliff, businesses can't wait any longer.

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