Addressing the fiscal cliff

December 2012
ABA Banking Journal;Dec2012, Vol. 104 Issue 12, p8
The article focuses on the fiscal cliff (FC) which refers to the expiration of the tax-cuts that started during the government of U.S. President George Bush, the end of the two percent reduction in payroll taxes, and sequestration. It mentions that the U.S. Congressional Budget Office anticipates that the FC will cause a contraction in the gross domestic product in first half of 2013 and growth in second half of 2013. It informs that lower tax revenue is the reason behind the budget deficit.


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