USA

Washington Scrambles as Spending Cuts, Tax Hikes Loomi
|| 0:00:00
X
Michael Bowman
November 12, 2012 2:33 PM
Unless the U.S. Congress acts by year’s end, federal taxes will rise for all income groups, and across-the-board spending cuts will go into effect. Economists say the combination of tax hikes and budget cuts -- commonly known as the fiscal cliff -- could send the U.S. economy back into recession. VOA’s Michael Bowman in Washington reports on efforts to forge a bipartisan solution that, so far, has eluded a politically-divided Congress.

Washington Scrambles as Spending Cuts, Tax Hikes Loom

Michael Bowman

Published November 12, 2012

Unless the U.S. Congress acts by year’s end, federal taxes will rise for all income groups, and across-the-board spending cuts will go into effect. Economists say the combination of tax hikes and budget cuts -- commonly known as the fiscal cliff -- could send the U.S. economy back into recession. VOA’s Michael Bowman in Washington reports on efforts to forge a bipartisan solution that, so far, has eluded a politically-divided Congress.


You May Like

Elusive Deal With Iran Could Yield Foreign Policy Legacy for Obama

A new Iranian leader -- and a strategic shift by the United States -- opens narrow window for nuclear agreement with Tehran More

Column: Saudi-Iran Meeting Could Boost Fight Against Islamic State

The fact that Iranians and Saudis are talking again does not guarantee a breakthrough, but it could make it easier to build a broad coalition against IS More

Thai Ruler Gives Top Cabinet Posts to Junta Inner Circle

Thailand's army chief has kept an iron grip on power as he extends the government, hand-picking an interim parliament that subsequently nominated him prime minister More