02 January 2013 02:25 [Source: ICIS news]
SINGAPORE (ICIS)--The US senate has approved a plan to avert a fiscal crisis in the world’s top energy consumer that threatens to push it into recession, according to a media reports on Wednesday.
The deal has been passed to the US House of Representatives for approval, they said.
On 1 January 2013, tax rises and huge automatic spending cuts came into effect in the US, a situation that has been dubbed the “fiscal cliff”.
The "fiscal cliff" measures mean tax increases of about $536bn (€407bn) and spending cuts of $109bn from military and domestic programmes, media reports said.
($1 = €0.76)
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