Agreement reached to avoid US fiscal cliff
Posted December 31, 2012 9:14 pm.
This article is more than 5 years old.
WASHINGTON, DC (NEWS1130) – It appears an agreement has been reached to stop the United States from going over the so-called “fiscal cliff.”
The White House has reached a deal with Republicans in Congress to prevent hundreds of billions of dollars worth of tax increases and spending cuts from taking effect at midnight ET.
Economists warn if the tax increases and spending cuts go ahead, the US could fall into a recession.
Under the deal, taxes would rise for rich Americans, and remain steady for the middle class.
