MAVOCKE--President Brenton Menuhaeo and his Treasury Secretary are urging US President Barack Obama and members of Congress to reach a last-minute compromise to avoid the so-called "fiscal-cliff," which is looming at the end of the year.
"Our message to President Obama and the members of the US Congress is this: please reach a compromise. If the US goes over the fiscal cliff, America will not only be negatively impacted and plunged back into recession, but the rest of the world will be hit hard economically as well," Treasury Secretary John Rogers-Thurst said in a Mavocke press conference.
"Like most countries, Grassadellia has been adversely affected by the global recession. If the fiscal cliff is breached, Grassadellia will feel the impact as well," Rogers-Thurst said.
The term "fiscal cliff" refers to the pending combination of tax hikes and spending cuts, which total approximately $600 billion US dollars ($572 billion GR), that will come into effect on January 1, 2013 if the US Congress does not agree on a deal to extend tax cuts and prevent spending cuts.
President Obama and Democrats, who hold the majority in the Senate, have been battling with Republicans, who control the House of Representatives, for months now. But neither side has agreed to the other's proposals.
Mr. Obama has called for tax increases on all Americans making more than $250,000 per year.
Many Republicans, particularly the hard-line Tea Party caucus, oppose raising taxes, even on the wealthy, arguing that many small business owners make more than $250,000 per year, but are hardly "wealthy" after paying employees, insurance costs, and other expenses.
Hiking taxes on small business owners would subsequently force business owners to lay-off employees or give fewer hours to workers, or force businesses to fold altogether, Republicans contend.
Democrats, and the president, counter that Americans making more than $250,000 per year are much better off than the country's middle class and low-income citizens, and should contribute more.
Last week, John Boehner (R-Ohio), Speaker of the House of Representatives, proposed a plan that would raise taxes on individuals making more than $1 million per year, but that plan was voted down by Democrats and some Republicans.
If no action is taken, the pending fiscal cliff will also cut spending, adversely affecting funding for unemployment assistance and health care programs, which Democrats say are critical.
Republicans say spending is out of control, and must be reined in, even if that means painful cuts to popular programs.
On Friday, Mr. Obama called on the Congress to take action.
"The time for immediate action is now," he said. "The American people are watching what we do here. Obviously, their patience is already thin."
Mr. Obama later met with Speaker Boehner, House Minority Leader Nancy Pelosi (D-California), Senate Majority Leader Harry Reid (D-Nevada), and Senate Minority Leader Mitch McConnell (R-Kentucky). The group discussed negotiations, and appeared somewhat encouraged afterwards.
Sen. McConnell told reporters he was "hopeful and optimistic" a deal could be reached.
Mr. Reid said he would "do everything I can" to reach a compromise, but warned that "whatever we come up with is going to be imperfect."
Neither side will get exactly what they want in the deal, according to political analysts.
Armana Sen. Dana Glow (C), who chairs Grassadellia's Senate Finance Committee, told the GBC it would be "extraordinarily helpful" if US leaders reach a deal before the first of the year.
"It would be beneficial for their country and for every other country, if a deal is reached promptly," Glow said.
President Brenton Menuhaeo also called for US action to avoid the cliff.
"America is a very important ally of Grassadellia's and a key leader in the world. This is a pivotal moment for America to take leadership and get their own house in order and prevent further ripples from spreading across the global economic pond," Menuhaeo said.
"Our message to President Obama and the members of the US Congress is this: please reach a compromise. If the US goes over the fiscal cliff, America will not only be negatively impacted and plunged back into recession, but the rest of the world will be hit hard economically as well," Treasury Secretary John Rogers-Thurst said in a Mavocke press conference.
"Like most countries, Grassadellia has been adversely affected by the global recession. If the fiscal cliff is breached, Grassadellia will feel the impact as well," Rogers-Thurst said.
The term "fiscal cliff" refers to the pending combination of tax hikes and spending cuts, which total approximately $600 billion US dollars ($572 billion GR), that will come into effect on January 1, 2013 if the US Congress does not agree on a deal to extend tax cuts and prevent spending cuts.
President Obama and Democrats, who hold the majority in the Senate, have been battling with Republicans, who control the House of Representatives, for months now. But neither side has agreed to the other's proposals.
Mr. Obama has called for tax increases on all Americans making more than $250,000 per year.
Many Republicans, particularly the hard-line Tea Party caucus, oppose raising taxes, even on the wealthy, arguing that many small business owners make more than $250,000 per year, but are hardly "wealthy" after paying employees, insurance costs, and other expenses.
Hiking taxes on small business owners would subsequently force business owners to lay-off employees or give fewer hours to workers, or force businesses to fold altogether, Republicans contend.
Democrats, and the president, counter that Americans making more than $250,000 per year are much better off than the country's middle class and low-income citizens, and should contribute more.
Last week, John Boehner (R-Ohio), Speaker of the House of Representatives, proposed a plan that would raise taxes on individuals making more than $1 million per year, but that plan was voted down by Democrats and some Republicans.
If no action is taken, the pending fiscal cliff will also cut spending, adversely affecting funding for unemployment assistance and health care programs, which Democrats say are critical.
Republicans say spending is out of control, and must be reined in, even if that means painful cuts to popular programs.
On Friday, Mr. Obama called on the Congress to take action.
"The time for immediate action is now," he said. "The American people are watching what we do here. Obviously, their patience is already thin."
Mr. Obama later met with Speaker Boehner, House Minority Leader Nancy Pelosi (D-California), Senate Majority Leader Harry Reid (D-Nevada), and Senate Minority Leader Mitch McConnell (R-Kentucky). The group discussed negotiations, and appeared somewhat encouraged afterwards.
Sen. McConnell told reporters he was "hopeful and optimistic" a deal could be reached.
Mr. Reid said he would "do everything I can" to reach a compromise, but warned that "whatever we come up with is going to be imperfect."
Neither side will get exactly what they want in the deal, according to political analysts.
Armana Sen. Dana Glow (C), who chairs Grassadellia's Senate Finance Committee, told the GBC it would be "extraordinarily helpful" if US leaders reach a deal before the first of the year.
"It would be beneficial for their country and for every other country, if a deal is reached promptly," Glow said.
President Brenton Menuhaeo also called for US action to avoid the cliff.
"America is a very important ally of Grassadellia's and a key leader in the world. This is a pivotal moment for America to take leadership and get their own house in order and prevent further ripples from spreading across the global economic pond," Menuhaeo said.