Vladimír Urbánek (Kurzy.cz)
Markets  |  March 01, 2013 11:39:10

Fiscal cliff already knocking on the door, no signs of a possible agreement with Indeed, is however, the market is FUK?


U.S. President Barack Obama today planned another meeting to find a deal political leaders at the measures that would start off the threat of automatic spending cuts and tax increases known under the popular name "fiscal cliff." It does so popularly said "per minute to twelve" because if there is no agreement to politicians end of the day, comes "fiscal cliff" effect.

However, so far there is no indication that the Obama may be able to achieve the desired compromise. Democrats as well as Republicans so far, instead of looking for solutions, just blame one side or the other of the impact of the forthcoming cuts. Both sides point fingers at each other and trying to give the impression that "it's the latter it's because it goes wrong."

Today's meeting is attended not only by President Obama also chief Democratic majority Harry Reid, Republican Senator Mitch McConnell and Democratic leader Nancy Pelosi parliamentary majority. All were also there when the "fiscal cliff" in the past defined and entered into force.

Republicans in the House leader John Boehner said last night that his party would not allow any tax increases in the cost-cutting measures. Boehner said that the question of how much money the government still wants to steal from the hands of Americans, his party responds that no more.

White House spokesman morning meetings at the address stated that it expected a constructive conversation on the topic, finding a solution, however, at this meeting does not count.

American politicians averting the threat of falling off a fiscal cliff before the end of the year, when at least able to agree on the fact that it pushes the problem and will continue to act on it. The new deadline has become just the first March inclusive. At the end of the threat came out also just before the expiry date. The automatic cuts starting in the forthcoming range of around 1.2 trillion has never happened.

It seems that markets have the threat of falling over a cliff since many do not. Major U.S. index S & P since the beginning of January in the strongest rally last more than a decade, grew by 6.2% since the beginning of U.S. currency strengthened against the basic basket of currencies of major trading partners of 3.5%.
It is estimated that the automatic cuts aviovaném range have the potential to cut this year's GDP growth of about 0.6 percentage points and can stop or significantly slow down rather well opened up the U.S. economy finally benefiting from years of loose monetary policy of the Fed.
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