fiscal cliff
a serious economic threat
TRANSLATION
fiscal cliff = Fiskalklippe, Haushaltsklippe --- GOOGLE INDEX fiscal cliff: approximately 14,800,000 Google hits
STATISTICS
IN THE PRESS
The slowdown last year was also a reflection of broader market fears about the U.S. presidential election and the FISCAL CLIFF – fears that are not nearly so prevalent this year.
(Wall Street Journal)
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"Many of our public services face a FISCAL CLIFF over the next few years, but I have always said that with the support of communities, and everyone pulling together, we would be able to deal with the many challenges that we face as a city."
(BBC News)
(Wall Street Journal)
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"Many of our public services face a FISCAL CLIFF over the next few years, but I have always said that with the support of communities, and everyone pulling together, we would be able to deal with the many challenges that we face as a city."
(BBC News)
Did you
know?
fiscal cliff
noun phrase
- a situation in which a particular set of financial factors cause or threaten sudden and severe economic decline
(Oxford English Dictionaries)
---
Fiscal cliff is the popular shorthand term used to describe the difficult situation that the U.S. government faced at the end of 2012, when the terms of the Budget Control Act of 2011 were scheduled to go into effect.
Among the changes that were set to take place at midnight on December 31, 2012 were the end of temporary payroll tax cuts (resulting in a 2 percent tax increase for workers), the end of certain tax breaks for businesses, a rollback of previous tax cuts from 2001-2003, and the beginning of taxes related to President Obama’s health care law.
At the same time, previously agreed-upon spending cuts totalling $1.2 trillion over ten years were scheduled to go into effect. The fear was that this simultaneous combination of higher taxes and reduced government spending would result in the U.S. economy "running over a cliff" to its death, thus the expression "fiscal cliff." Three hours before the midnight deadline on January 1, the Senate agreed to a deal to avert the fiscal cliff.
The expression is meanwhile used to generally describe a combination of financial factors and government policies that threaten to negatively impact an economy.
(source: about.com)
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SMUGGLE OWAD into today's conversation
"The media may have made the fiscal cliff sound more serious than it really was."
noun phrase
- a situation in which a particular set of financial factors cause or threaten sudden and severe economic decline
(Oxford English Dictionaries)
---
Fiscal cliff is the popular shorthand term used to describe the difficult situation that the U.S. government faced at the end of 2012, when the terms of the Budget Control Act of 2011 were scheduled to go into effect.
Among the changes that were set to take place at midnight on December 31, 2012 were the end of temporary payroll tax cuts (resulting in a 2 percent tax increase for workers), the end of certain tax breaks for businesses, a rollback of previous tax cuts from 2001-2003, and the beginning of taxes related to President Obama’s health care law.
At the same time, previously agreed-upon spending cuts totalling $1.2 trillion over ten years were scheduled to go into effect. The fear was that this simultaneous combination of higher taxes and reduced government spending would result in the U.S. economy "running over a cliff" to its death, thus the expression "fiscal cliff." Three hours before the midnight deadline on January 1, the Senate agreed to a deal to avert the fiscal cliff.
The expression is meanwhile used to generally describe a combination of financial factors and government policies that threaten to negatively impact an economy.
(source: about.com)
---
SMUGGLE OWAD into today's conversation
"The media may have made the fiscal cliff sound more serious than it really was."
