Globally it is the latest buzz word .
What is this exactly ?
From 1st Jan 2013 , Automatic spending cut and Tax rate increase will happen . Bush Tax cut will expire on 31st Dec and spending cut will happen as per the provison of Budget control Act 2011 . This Act was passed to avoid the dispute which came in 2011 relating to US Debt ceilling .
The impact is so huge that US fiscal deficit will come down by 50%
This will lead to huge impact to the US Economy .
Both the leading political Group are engaged in dialogue to avert it before 31st Dec .
All proposals given by Republicans to Obama administration till now has been rejected by Democrats .
The impact of this will be substantial across the Globe . All hope that some resolution will be worked out by the US politicians .
What is this exactly ?
From 1st Jan 2013 , Automatic spending cut and Tax rate increase will happen . Bush Tax cut will expire on 31st Dec and spending cut will happen as per the provison of Budget control Act 2011 . This Act was passed to avoid the dispute which came in 2011 relating to US Debt ceilling .
The impact is so huge that US fiscal deficit will come down by 50%
This will lead to huge impact to the US Economy .
Both the leading political Group are engaged in dialogue to avert it before 31st Dec .
All proposals given by Republicans to Obama administration till now has been rejected by Democrats .
The impact of this will be substantial across the Globe . All hope that some resolution will be worked out by the US politicians .
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