2012-12-27 US Fiscal Cliff: The Deadline is Approaching
2012-12-27 14:53:26
CRIENGLISH.com Web Editor: Wu You
On January 2 the United States will hit the fiscal cliff. The cliff is the term being used to describe a series of automatic tax increases and spending cuts. If lawmakers cannot agree to a compromise, taxes will increase by over 500 billion US dollars a year and annual spending will be cut by 110 billion dollars equally split between discretionary and military spending. The US Congressional Budget office says hitting the cliff will cost the US 4 percent of its growth while others say the global impact could be even worse. -James Rae, Fulbright Scholar at China Foreign Affairs University; -John K. White, Professor of Politics at the Catholic University of America; -Peter Karl Kresl, Professor in the Department of Economics at Bucknell University. Panel Discussion:
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