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The much talked about U.S. fiscal has been averted, with President Obama giving a neat summation to the world during a recent press conference – the response on global markets has already been very positive, and now the world can breath a temporary sigh of relief (in theory). In the telecast, the President seemed content that his objectives were largely met, despite the Republican majority saying ‘no’ in the vote, Obama was able to complete a difficult campaign pledge, “I will sign a law that raises taxes on the wealthiest 2% of Americans… while preventing a middle-class tax hike,” he said.
This contentious move was debated late into the deadline hour, with the press prophesying a move back into recession if both Democrats and Republicans couldn’t find a common ground for this ideological impasse; Obama stood resolute and went to Hawaii with his family over Christmas, giving the entire event a Hollywood ending. But, despite the global relief at the news, the President was quick to point out something very rudimentary to those watching his address: an economy doesn’t become healthy on cuts alone – an idea that many nations in the eurozone need to be reminded of. And many analysts feel the latest vote was too watered down to really count.
Having read much of the political commentary around this event, it’s interesting to see what the real ‘meat’ of the deal is. There were concessions on both sides, for sure, but one journalist from Forbes magazine, John Zogby, was quoted on the BBC website with the tidiest of interpretations (and most salient perhaps), believing that the key event was that both political parties could come to some sort of agreement, and still be an effective governmental tool: “namely, the question of whether or not Congress could still be a viable, problem-solving body or whether it was doomed to irrelevance… at the last minute, they did just that.”
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