It’s beginning to look more and more likely government spending in the United States is going to be hit with one of the largest austerity packages in recent memory.
The smoke has barely cleared from the prolonged fight over the fiscal cliff on Capitol Hill, but already Congressional leaders and the White House are drawing lines in the sand over the debt ceiling.
President Barack Obama cut his vacation short Wednesday and returned to Washington to continue negotiations on the rapidly approaching fiscal cliff. But, even with that move, a growing number of Americans believe no deal will be reached and the blame is falling on the GOP.
While the Mayans may have predicted the end of the world for December 21, financial advisors, politicians, and taxpayers are focused on January 1, 2013, when the nation may plunge off the fiscal cliff into a full-fledged austerity crisis.
When it comes to dealing with the austerity crisis facing Washington politicians, a majority of Americans are lining up their support behind President Barack Obama and Democrats in Congress, according to a new Quinnipiac University poll.
As the nation moves closer and closer to the “fiscal cliff,” the public is making it known who they will blame if the nation falls off the cliff and into unprecedented austerity.
The U.S. is set to go over the much-hyped “fiscal cliff” on January 1 and the intransigency of both parties looks like it will push the country over the edge. The big winner of the looming tax hikes though could be President Obama if he wins re-election in November.
Hialeah’s mayor announced on Friday a surprise $7.8 million shortfall this fiscal year and said he would seek a line of credit to bolster city finances.