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| the social insurance program, on $1,22 trillion |
So, the president is ready to agree on the basic requirement of republicans - the expenditure cut, taken in the budget the next ten years and connected with federal the social insurance program, on $1,22 trillion.
The technical default of the USA can become the most important thing, but at all the most joyful New Year's gift to Americans. As reports The Wall Street Journal, the Minister of Finance of the USA Timoti Gajtner has addressed with the letter to the Congress in which he reports that the United States is reached the limiting size of a central government debt on Monday, on December, 31st.
In this connection, according to Gajtnera, the Ministry of Finance intends to enter "emergency measures" that the size of a debt hasn't exceeded legislatively established limit. Level of a central government debt of the USA now only slightly less than legislatively permitted $16,394 trillion.
According to the head of the American Ministry of Finance, emergency measures urged to help to involve to US authorities of an order of $200 billion available assets and, thus, to give to legislature about two months on the next increase of "ceiling" of a state debt. That Gajtner tries to push the Congress to active actions concerning fiscal breakage.
Let's remind, by January, 1st of the USA risk to appear in a situation when simultaneously will expire period of validity of the tax concessions, the quantity of redundancy payments will be reduced, the incomes taxes will raise and automatically obligatory measures on expenditure cut will come into force. In case of a failure of budgetary negotiations the automatic sequester of the budget will begin with the beginning of 2013 - expenditure cut on $1,2 trillion, fifty-fifty allocated between military and civil spheres.
If Obama and representatives of both chambers of the Congress won't manage to agree, consequence "financial breakage" can become appreciable falling of gross national product and recession of the American economy.
However, it is likely that the worst scenario the U.S. still be avoided. For benefit of it that congressmen-republicans on the same level with all aren't interested in a technical default for which they should answer the voters testifies, first of all. Therefore the compromise, most likely, all the same will be found. And two months sounded by Gajtnerom which have been "pulled out" at a default by accepting of emergency measures, can become necessary additional odds which all the same will give the chance to the Congress and Obama to agree.
Besides, despite the big complexities, negotiating process all the same goes. So, one of these days Barack Obama and the head of the House of Representatives republican John Bejner have come nearer to the agreement, allowing to avoid "fiscal breakage". So, the president is ready to agree on the basic requirement of republicans - the expenditure cut, taken in the budget the next ten years and connected with federal the social insurance program, on $1,22 trillion.
In turn, Obama hopes to receive the consent of Bejnera to increase of taxes to the level allowing for decade to collect in the budget of $1,2 trillion. Increase of taxes for those who earns more $400 thousand a year separately makes a reservation.
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| the social insurance program, on $1,22 trillion |
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