Fiscal cliff to stretch in 2014

With only few weeks remaining until the beginning of the so-called "fiscal cliff", republicans and democrats countered the president Barack Obama's proposal to avoid the mandatory tax increases and steep spending cuts with total value of $600 billion. However, the uncertainty has already hurt business spending for 2013, and in case politicians do not come up with the decision, the economy may suffer in the long-term perspective. In the meantime, both the Republican and White House are planning to trim budget deficits by more than $4 trillion during the next 10 years, however, the plan, proposed by the Republicans, would save $240 billion more than Obama's proposal.

"The American people expect their leaders to find fair middle ground to address the nation's most pressing challenges," House of Representatives Speaker John Boehner of Ohio and several other top House Republicans wrote in a letter to Obama.