The fiscal cliff involves US$600 billion in automatic tax hikes and spending cuts effective in early 2013 if US lawmakers fail to agree on reducing the budget deficit.
Senior officials from each of the government departments will gather on Thursday to come up with contingency plans for a "fiscal cliff" - a scenario described by Chief Executive Leung Chun-ying after filibustering blocked the passage of the budget bill.Tuesday, 14 May, 2013, 5:37am 1 comment
US lawmakers approved a funding stopgap to keep the US government operating through September and took a step towards adopting a blueprint for a decade of budget austerity.
The two votes came in rapid-fire succession in the House of Representatives ahead of a two-week congressional recess.22 Mar 2013 - 11:42am
The White House and independent analysts fear the so-called sequester could cost hundreds of thousands of jobs and crimp already slow economic growth. There is little hope in Washington that it can be averted.22 Feb 2013 - 2:48am
The governing systems of the world's two largest economies are in crisis. As the United States has been grappling with a fiscal cliff, China faces a social cliff. Without major reform, both will falter.4 Feb 2013 - 3:02am
Soldiers have been sent to the border with Myanmar amid concern that escalating violence between the neighbouring nation's government and ethnic separatists is spilling over, the Global Times reported yesterday.12 Jan 2013 - 4:39am
The battle for agreement on the fiscal cliff deal6 Jan 2013 - 2:51am
The US job market proved resilient in December despite fears that a budget impasse in Washington would send the economy over the fiscal cliff and trigger growth-killing tax hikes and spending cuts.
Employers added 155,000 jobs last month, roughly matching the solid but unspectacular monthly pace of the past two years.5 Jan 2013 - 11:31am 1 comment
The top Republican in Washington was narrowly re-elected to his powerful job as the new Congress opened for business, despite a mini-revolt in his own party over the “fiscal cliff” deal and a bruising fight over Superstorm Sandy recovery legislation.4 Jan 2013 - 9:51am
The just-in-time budget deal the US Congress passed on New Year's Day calls to mind Samuel Johnson's observation about dogs that walk on their hind legs: "It is not done well; but you are surprised to find it done at all."4 Jan 2013 - 2:48am
Japanese, Chinese markets react to US deal4 Jan 2013 - 3:26am