US fiscal cliff

English: (Photo credit: Wikipedia)

                    

Friday, January 04, 2013 - According to media news US Senate passed a temporary bill to avoidfiscal cliff. Long negotiations between democrats and Republicans had failed to provide any desired results. Recent bill passed by US senate also includes a tax increase on America’s high Income people. US debt crisis has become big risk for world economy. IMF chief warns serious consequences for world economy if Democrats and Republicans fail to agree on US debt crises. So far both Republicans and Democrats have serious differences and accuse each other over recent US debt crises. After several failed meetings US President warns of serious consequences in case of any failure. Now fears of US default are also growing as deadline comes near. National Analysts say that if the U.S. government fails to control the budget deficit in 2013, it will cause a negative effect on other world economies.

Now several others Stock Markets are feeling shocks of US debts crises. According to recentsurvey every eight of ten US citizen are worried about US debt crises. The realty is that people of US are paying high price of US war adventures in different countries of the world. According toeconomic experts country’s economy might face another recession in coming days. Un employment rate is going high and housing crises going bigger.



Taxpayers in the United States have spent large amount of money to finance both the unpopularWar in Iraq and War in Afghanistan. Only Afghanistan ten years war expenditures have increased to four hundred thirty two billion dollars. The U.S. military has a total of over 700 military bases in 130 countries around the world. US is spending huge amount of money to control different parts of world. Several unpopular governments in Afghanistan, Iraq and Pakistan are also getting huge amount of money from US to implement US agenda in the region.



—Jeddah, KSA