Skip to main content

‘Fiscal cliff’ threat looms now that election is over

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.

Related

1_DEALER.OUTLOOK

Boating’s Greatest Thingamabob

The Seattle Boat Show kicks off next week with nearly 300 exhibitors, 800 new boats and the construction of a 100-foot Rube Goldberg boat machine.

1_YEARGIN copy

Business for Good

Companies have a unique platform to make people’s lives better through products and services, how we treat employees and the kind of advocate we are for our industry.

1_PULSE.PING.2

Are You Improving the Service Experience?

This month’s Pulse Report survey asks dealers about tactics being employed to improve the service department, along with other questions about retail conditions. Take the survey here.

1_OFF.THE.HOOK.JPG

Off the Hook Yacht Sales Acquires Two Marinas

The company announced that it purchased facilities in Hampstead, N.C., and Georgetown, Md.

1_GILLEN.YS

Gillen Announces Expansion, New Hire

The yacht services company will move into a new, 15,000-square-foot location in West Palm Beach Fla., run by operations manager Tony Matherly.

1_YEARGIN

Business for Good

Companies have a unique platform to make people’s lives better through products and services, how we treat employees and the kind of advocate we are for our industry.

DOMETIC-EARNINGS

Dometic Posts Sales Increase for Q4

Net sales of $596 million were up 11% compared with the previous-year quarter, and profit was reported at $2.6 million.

NEPTUNE-AWARDS

Marine Marketers to Present Neptune Awards

The group will hand out its annual honors during the Miami International Boat Show in February.