US awaits House approval for Senate deal to avert fiscal crisis

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)

By: Nurluqman Suratman

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