"There is a fiscal issue around this and I accept that the UK government is trying to achieve something by changing the way the finance operates, " he said.
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The larger fiscal issue here is whether this spending bonanza will become part of the annual "budget baseline" that Congress uses as the new floor when calculating how much to increase spending the following year, and into the future.
Markets do not like uncertainty and most markets will remain jittery until the fiscal cliff issue comes to pass.
There have been some mixed comments among various analysts lately on the potential impact of the fiscal cliff issue upon gold.
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Short-term, how Washington handles the fiscal cliff issue will have an impact on whether the economy manages to avoid another stall-out.
The fudging of the fiscal cliff issue means there will be a few more crises to come in the US, but Friday's employment numbers suggest that the economy is heaving itself back on its feet.
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Obama had sought to resolve the issue as part of the fiscal cliff negotiations, but the issue never made it to a final bill.
And let me give you a prime example -- when it comes to how we approach the issue of fiscal responsibility.
Republican nominee Mitt Romney has chosen Paul Ryan as his running mate to strengthen his position on the issue of fiscal sustainability.
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He spent much of the mid-to-late 1950s railing against the Democratic Congress for spending too much on domestic and defense programs, making fiscal conservatism a signature issue.
Shortly after the November elections, Republicans en masse began to acknowledge that the party had lost its way on the issue of fiscal discipline during the Bush administration.
If this shift occurs, Republicans, who have invested so much in making fiscal discipline their top issue, will be operating in a congressional environment where the debates center around areas where the government needs to devote more government resources rather than less.
In truth, the Italian experience is consistent with the findings of a growing body of academic literature on the issue: fiscal adjustment dominated by tax increases typically is a recipe for failure: It fails to stabilize the debt and it is more likely to cause economic contractions.
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Compounding the fiscal cliff threatening renewed recession in the short term is the even bigger issue of the long term fiscal and sovereign debt crisis, threatening long term stagnation and decline.
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The biggest issue in the fiscal cliff is the Bush tax cuts and whether they will be expired or not.
Our next issue is the fiscal multiplier: how big a ripple effect will the spending cut have on the rest of the economy?
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But what we can agree on -- and this goes right to the issue of the fiscal cliff -- is that we should absolutely extend tax cuts for 98 percent of Americans and 97 of American small businesses tomorrow, or the day that Congress gets back.
The OBR is required by statute to issue two economic and fiscal forecasts a year.
But Social Security is a different issue than these other fiscal challenges.
The administration is planning to issue a final "fiscal sustainability project" list of recommendations based on the conclusions of those working groups in 30 days.
The German position is that any such option would be contingent on first addressing the issue of a true fiscal union, where fiscal discipline is enforced in a manner that does not undermine the efforts to save the Euro.
Besides the obvious debt issue, their lack of fiscal unity may be the biggest obstacle.
At issue is spending for the fiscal year that begins October 1, 2005 -- after the general election.
Outrage should be at the federal government (and The Federal Reserve) on almost every issue that deals with a fiscal nature.
And we can continue to work on the other issues, but since we have a chunk of the fiscal cliff, which is the imminent issue here, that can be addressed simply by extending these middle-class tax cuts, we should do that.
From an economic standpoint, avoiding the forthcoming fiscal cliff is the biggest short-term issue.
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This harsh, cold-turkey, approach to our fiscal deficit has the advantage of forcing the issue one way or another.
Here the crucial issue seems to be whether the fiscal compact will be seen to be enough to warrant increased purchases.
Joel Naroff, chief economist at Naroff Economic Advisors, said he viewed the Fed's more forceful remarks on the issue as criticism of Congress' fiscal policies.
The fiscal compact falls short of a commitment to issue eurozone eurobonds, something Germany has been against since they were discussed as a possible solution this summer.
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