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
Some choice words have been used to describe the brinkmanship across a US Congress that led us to the edge of the American "fiscal cliff" - "shenanigans", "circus", "omnishambles". Certainly few are pretending that it represents the festival of democracy envisaged by America's higher motives.4 Jan 2013 - 3:26am 1 comment
Goldman Sachs has accelerated delivery of US$65 million in stock awards to 10 executives, including chief executive Lloyd Blankfein, helping them avoid higher tax rates that take effect this year.4 Jan 2013 - 2:48am
The United States may have averted a financial calamity with a last-minute budget deal but continued political bickering threatens to shake the fragile economy well into the coming year.3 Jan 2013 - 8:59am
For the second time in 18 months the US has pulled back from the brink of economic crisis. A last-minute bipartisan deal between the White House and Congress late on Tuesday (US time) headed off across-the-board tax rises and public spending cuts worth more than US$600 billion.3 Jan 2013 - 4:21am
Hong Kong stocks kicked off the new year with a 19-month high in heavy trading and could open even higher today if they track the overnight US market that rallied after the Congress approved a deal to avoid a "fiscal cliff".3 Jan 2013 - 4:36am