Deficit reduction in the United States

Aerospace Chiefs Urge Resolution of U.S. ‘Fiscal Cliff’ Crisis
December 7, 2012 - 9:35am

The divided U.S. government edged closer to the so-called the “fiscal cliff,” a combination of tax increases and automatic spending cuts that will be imposed on January 2 unless political parties reach agreement on a package to reduce the country’s $16 trillion national debt. With 25 days remaining before the measures take effect, the parties were at a stalemate.