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US on verge of Political Economic Deal to avoid Fiscal Cliff

By on November 12, 2012

Republican Senator Bob Corker has voiced confidence that the Obama Administration and the Congressional members can reach a  deal on a strategic economic path America should take to avoid the dreaded fiscal cliff before the end of the year.

It has become a National issue of utmost concern and like Governor Romney said in his concession speech accepting defeat that time has come for Americans to move beyond party lines and frictions to embracing a broad-based political paradigm to  resolve its challenges.

At the moment both  President Obama a Democrat and House Speaker John Boehner  a Republican are still at the gridlock level they were politically, throughout the first term of the President and it is indicative that time has come for both sides to come to a compromise for the sake of their Nation.

For the Democrats it is difficult to tackle the budget deficit without raising the tax rates on the rich in the Nation, but the Republicans believe that it is the excessive spending pattern of Government that is making the Nation vulnerable to any impending economic danger.

Meanwhile there has been pressure on President Obama to implement the recommendations of the Republican Senator Alan Simpson and Democratic party Erskine Bowles led committee inaugurated in 2010 to tackle Fiscal issues.

The Bold recommendations of the committee was for the deductions to be limited while  the loopholes that cause wastage be closed. This means some entitlement programs for the citizens must be reviewed if there is going to be a headway with the Republicans.

It is therefore hoped that the efforts between President Obama and Mr John Boehner will give way to a more proactive approach to resolving the stalemate which could  be $600 billion simultaneous tax hike  and budget cut in the United States a ‘fiscal cliff’ that would not only affect the United States but the entire Global economy.

With both parties willing to negotiate and come out with a concrete effort of compromise that will lead to a solution to the Political Economic uncertainty in the Nation, the future and overall interests of Americans should be taken into consideration.