Fiscal Cliff

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Financial Times: Debt limit lurks in fiscal cliff talks

By James Politi Congress is unlikely to reach an agreement to increase the US debt ceiling during the "fiscal cliff" negotiations at the end of year, raising the prospect of a fresh perilous brush with default in early 2013.  Read more...

September 30th, 2012|

Financial Sector Concerned About ‘Fiscal Cliff’

An American Banker article yesterday focused on the financial sector’s concerns about the impending fiscal cliff – a combination of draconian spending cuts and expiring taxes. If Congress is unable to reach a bipartisan deal by January 1, 2013, millions of American businesses and citizens will see their taxes increase, pushing the U.S. economy back into recession [...]

September 28th, 2012|

American Banker: Fiscal Cliff Could Kill Bank Profitability, Curb Lending

By Victoria Finkle WASHINGTON — As the country peers over the edge of the impending fiscal cliff, the banking industry may be haunted by the words of Butch Cassidy: "The fall will probably kill you." Should lawmakers fail to make a deal postponing the steep budget cuts and tax hikes that are slated to go into [...]

September 27th, 2012|

On America’s Impending Fiscal Cliff

Multi-Industry Letter to President Obama, Members of Congress: "The undersigned organizations call on Congress and the President to immediately enact legislation that averts America’s impending fiscal cliff. Failure to address the automatic tax increases and spending cuts would reduce economic growth and could jeopardize economic recovery. It is not responsible to wait until the end of the year to take action. The time to act is now. We urge you to be mindful of the absolute necessity of addressing the long-term fiscal imbalance through comprehensive tax reform and fundamental entitlement reform, but think it is imperative that action be taken now to avert a potential crisis.

Failure to act on the looming year-end tax increases would yield the largest tax increases in American history coupled with draconian, ill-designed, across-the-board discretionary spending cuts. Economists from across the political spectrum warn that such tax increases and spending cuts would have a devastating effect on a still sputtering U.S. economy, quite possibly returning it to recession."

September 12th, 2012|