They are called “fiscal year” and “financial year” because, unlike in China, these dates do not always coincide with the calendar year in many countries.
Anyways, America’s fiscal cliff is about money and taxes, specifically how the federal government deals with the prospects of drastic spending cuts and potential tax increases for rich people, the former making life difficult for bureaucrats while the letter making life difficult for businesses.
So drastic, steep and unpopular these cuts and increases are that if the government fails to make a deal to avoid this, it’s likened to the US government falling off a fiscal cliff – plunging itself into a deep financial abyss. In other words, a life of misery for bureaucrats and possibly for all.
So the federal government will have to spend a lot less than before. What’s the big deal?
Well, all bureaucrats, you see, like to have a lot of money to spend. Presumably it makes “serving the people” so much more fun.
Anyways, that’s all from me about “fiscal cliff”. America’s fiscal cliff attracts so much media attention worldwide that I’m sure you’ll have no problem coming to grips with it soon via reading the paper or browsing the web, especially the financial pages. Here are a few examples in further assistance:
1. “Fiscal cliff” is the popular shorthand term used to describe the conundrum that the U.S. government will face at the end of 2017, when the terms of the Budget Control Act of 2011 are scheduled to go into effect.
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