Vladimír Urbánek (Kurzy.cz)
Markets  |  February 13, 2013 13:51:46

Agreement to increase the U.S. debt ceiling does not come close, remaining 2 weeks

The U.S. Congress has the last two weeks to find common ground on the increase of the current debt ceiling and avert a possible falling government deficit over the fiscal cliff. According to the available comments, however, no agreement between Democrats and Republicans on this issue still has not been reached and the ongoing negotiations no solution forthcoming issue yielded.

It is estimated that if the fiscal cliff falling over the U.S. economy will cost a minimum of 0.6% GDP growth this year and about 750,000 lost jobs. It is estimated that about half of the cuts would be enforced in this case, salty and debit military spending, which would mean a significant reduction in funding for military training, reduce orders for new vessels and naval orders new aircraft.

According to commentators, it seems that everything is directed back to the "agreement at the last minute," as was the case in negotiations at the end of last year, when the administration literally "per minute to twelve" avert the threat of automatic starting first large fiscal cuts, when she managed to negotiate form of general government budget.

President Obama in this regard yesterday urged both sides to find a solution that should include balanced ratio further reduction of the budget deficit with the correct proportion of spending cuts and revenue growth with maximum fairness involvement of all stakeholders.

According to the available information should Democrats this week to present a proposal for a fiscal cliff delay of about 10 months valued at about 120 mld.USD. The plan should include new tax revenues, led by the growth of tax on the wealthiest layers of about 30%.There will also be further reductions in military spending and reducing agricultural subsidies.

Republicans previously mouth Florida Senator Marco Rubio noted that any growth of the U.S. economy should bring new taxpayers and not straight new tax itself.
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