‘Fiscal cliff’ threat looms now that election is over

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Now that President Barack Obama has won re-election, the marine industry will be watching to see how he proposes to deal with the so-called “fiscal cliff” – a $600 billion mix of tax cuts set to expire at the end of the year and federal spending cuts that would take effect Jan. 2.

Failure to prevent a dive off the cliff could rattle U.S. markets and push the economy into a recession, which could have global implications, Reuters said in a post-election report.

Obama, who defeated Republican challenger Mitt Romney on Tuesday, will want to strike a deal with Washington lawmakers before Dec. 31 or risk a recession in the first half of next year, budget experts and Democratic aides say.

Obama and most Democrats are at odds with Republicans in Congress over the stickiest issue — whether to let low tax rates for the wealthiest Americans expire on Dec. 31.

The president and most Democrats want to raise taxes on income earned above $250,000; Republicans want to extend the current low rates for all income levels.

Financial markets and the business community crave long-term certainty and that is what a major deal envisioned by Obama is intended to tackle.

Click here for the full report.

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Comments

4 comments on “‘Fiscal cliff’ threat looms now that election is over

  1. enginecom

    We can look forward to another 4yrs of Obamanomics which may end up as gridlock with Congress. We can also look forward to more regulations under Obamacare and his nutty EPA. The half of the US population who voted for this guy include those who only care about free stuff and not about the consequences. I am thinking of moving to Costa Rica!

  2. JOHN ENNIS

    BOTH SIDES OF THE DO NOTHING CONGRESS HAVE TERRIFIC EGO PROBLEMS AND THE PUBLIC BE DAMMED. MEMBERS ARE ONLY INTERESTED IN KISSING THE KEISTERS OF THOSE WITH RE-ELECTION FUNDS SO THEY DON;T HAVE TO FIND OTHER EMPLOYMENT.THE BLAME FOR THE STALEMATE LIES ON THE SHOULDERS OF THOSE ON BOTH SIDES OF THE POLITICAL SPLIT. COMPROMISE TO TRHEN IS AN UNTHINKABLE DIRTY WORD.

  3. engineguy

    PLEASE MOVE TO COSTA RICA!!!! I would love to hear your comments regarding their health care, quality of life, economy, etc once you have lived there. It is so much better in Costa Rica, right. Send us a post card of your lavish life down there. Most likely you will not have internet down there so “PRAISE THE LORD!” we won’t have to see your dumb posts.

    Ignorance is so rampant among us Americans! My question to you enginecom is, for the other half of the US population who voted for the other guy, what do they care about, tax breaks, elimination of Medicare, abolishment of gays? Tell me, I am interested what you think up there in your ivory tower.

    Pretty ironic that their are so many Republicans in this county taking advantage of “Obamacare” but yet they are SOOOO conservative. How does that work?

  4. CaptA

    I agree with John Ennis. This is just as much the fault of the Republicans as it is the Democrats and the President of the United States. READ THE CONSTITUTION!!! It states the Bills shall start in the House, then go to the Senate. No where in the Constitution does it say the President must generate a bill; The Constitution states the bills MUST START IN THE HOUSE OF REPRESENTATIVES. If one is a strict Constitutionalist–you have you place the blame on the House.

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