Fiscal Cliff

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.


John Tsang Chun-wah. Photo: Edward Wong

Contingency plan on agenda for Hong Kong's 'fiscal cliff'

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.