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what is fiscal cliff?

 
aquamah
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User ID: 27037813
United Arab Emirates
11/27/2012 01:08 AM

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what is fiscal cliff?
what is fiscal cliff?
i know its some financial issue in USA if i am not wrong!
but should we worry about it here in middle east?
pish
User ID: 18615300
United States
11/27/2012 01:14 AM
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Re: what is fiscal cliff?
It is supposedly what all the financial lemmings jump off of!

It doesn't exist in real terms.

What is stable from one moment to the next is entirely subjective.

The coming financial crisis has nothing to do with numerical values and all to do with FEAR.

Your fear keeps you from naturally expanding doing what seems right and instead doing what is SAFE.
Anonymous Coward
User ID: 18713240
United States
11/27/2012 01:15 AM
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Re: what is fiscal cliff?
what is fiscal cliff?
i know its some financial issue in USA if i am not wrong!
but should we worry about it here in middle east?
 Quoting: aquamah


Well, you probably should worry more about what's going on there in the middle east than the so-called fiscal cliff.

To answer your question in a nutshell. The fiscal cliff is basically the deadline by which the US govt must have passed a plan to ostensibly balance the budget OR there will be draconian across the board cuts in budgets ranging from the defense department to entitlement programs etc. That deadline occurs at the beginning of January so lawmakers and the President of USA have until then to come to some agreement or the cuts go into effect.

However, they can always pass a continuing spending resolution and postpone the cuts, however the downside is they are already on a credit watch so who knows what effect extending the deadline would have.

Long story short though is you should prolly be more worried about events in the middle east than the fiscal cliff as lawmakers here are not dumb enough to allow the US economy and ultimately world economy completely tank so at the worst they will keep extending the deadline ad infinitum as truth be told, this budget cannot be balanced
Anonymous Coward
User ID: 23557583
United States
11/27/2012 01:19 AM
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Re: what is fiscal cliff?
Its an excuse to steal more money from the American people nothing more.
Anonymous Coward
User ID: 524223
United States
11/27/2012 01:33 AM
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Re: what is fiscal cliff?
It is the liberals that hate Bush for giving them a tax cut that they want to punish the rest of us by letting the tax cuts expire.

They want the middle class taxes to go back to the Clinton years and have them pay over $2,000 more in taxes so they can give out more goodies....



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