Currency traders and Americans alike have been discussing 2013’s fiscal cliff which is expected to be a time plagued with heavy taxation and $600 billion of budget cuts. Now, this cliff is also being seen as a possible threat to the global economy’s health.
In a Reuters article published today, Fitch Ratings stated that “The U.S. fiscal cliff represents the single biggest near-term threat to a global economic recovery.” With this said, expectations from the U.S. Congressional Budget Office predict that 2013 could mark a reduction of “U.S. growth by $800 billion or 5%” per year.
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