President Obama held a meeting and a conference call with a bipartisan group of mayors and county officials Wednesday to talk about ways to avoid a series of spending cuts and tax increases known as the fiscal cliff.
Those at the White House for the meeting: Tampa Mayor Bob Buckhorn; St. Paul Mayor Chris Coleman; Columbus Mayor Michael Coleman; Bluffton, In. Mayor Ted Ellis; Dallas County, Tx. Judge Clay Jenkins; Cincinnati Mayor Mark Mallory; Summit County, Ohio Executive Russ Pry; Avondale, Ariz. Mayor Marie Lopez Rogers; and Laredo Mayor Raul Salinas.
Failure to reach a deal would mean that $500 billion in tax increases take effect early next year, coupled with $109 billion in spending reductions, the first installment toward $1.2 trillion in cuts over two years.
Well, to my personal opinion, Americans will not really like the idea of tax increasing. But hopefully, they know what they do and fiscal cliff will help to improve the economic situation in the US and will bring money to the national budget. Fed still has billions of dollars of debt, that’s why they need to focus on spending cuts. Any case, the government knows the situations and they should do everything to recover and boost the American economy. Probably there was never such a big debt, that’s why it’s important to try to raise enough money to pay it off.
Posted by: Jason@PaydayLoans@ | December 13, 2012 at 07:15 AM