Suspense hung over American citizens
while waiting for the new year, as the deal to avert fiscal cliff was yet to be decided.
After a tough deliberation, the US
Congress finally supported the deal which would steer US away from
the fiscal cliff. The deal proposals which has been ricocheting for
some time now had finally been agreed upon by both sides.
The deal between the White House and
Senate Republicans includes raising taxes on rich and put off
automatic $109 billion budget cuts for two months. According to some
reports, the deal is somewhat temporary and will be finalized within
two months time. Also, it only covers the significant negative
economic impacts and not all of it.
If the deal wasn't passed on time, every
American would've to brace themselves for the effect of tax increase and
spending cuts.
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