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Tuesday, March 5, 2013

Sequester in the U.S. Economy

Coming to terms with the American Taxpayer Relief Act of 2012 to tackle the fiscal cliff, the U.S. are in a dilemma over the way forward. After much reluctance, on March 1, President Obama finally approved the Government spending cuts referred to as “sequester.” According to him, “These cuts are not smart. They will hurt our economy and cost us jobs. And Congress can turn them off at any time - as soon as both sides are willing to compromise.” However, the “other side” is not willing to even discuss the alternatives.