VOA慢速英语2013 US Congress Avoids Fiscal Cliff, Postpones Budget Decision

 

US Congress Avoids Fiscal¹ Cliff, Postpones² Budget Decision

 

From VOA Learning English, this is the Economics Report in Special English.

On January first, both houses of the United States Congress approved a plan that will increase taxes for most Americans. But the agreement avoided much larger tax increases that were set to take effect this year. 

President Obama signed the bill into law late Wednesday. In a statement, he noted³ the importance of a balanced approach to the country’s fiscal problems.

"Today's agreement enshrines, I think, a principle into law that will remain in place as long as I am president: The deficit⁴ needs to be reduced in a way that's balanced. Everyone pays their fair share.  Everyone does their part. That's how our economy works best. That's how we grow."

The combination of higher taxes and automatic budget cuts has been called the “fiscal cliff.” That cliff has been avoided. But much remains⁵ to be done. Congress has given itself another two months to decide on how to cut the federal budget. More tax money and budget reductions are needed to cut the federal deficit. That deficit was over $1 trillion last year.

The new law increases the tax rate on individuals with earnings⁶ of over $400,000 and on couples with earnings of over $450,000. All working Americans will have some kind of tax increase. This is because the share of Social Security taxes paid by employees will return to 2010 levels, an increase from last year of two percent.

But the largest part of the tax increase will affect those with a lot of investment income and those with very high wages. Taxes on investment gains and dividends⁷, payments from some kinds of securities, will increase. Also, the top income tax rate will go to 39.5 percent from 35 percent. Overall, the effect of the law is simple. It will be the first major tax increase in 20 years.

But the new law means only half of the deficit question has been answered. Taxes provide revenue to finance government operations. But budget cuts reduce costs. And lawmakers will have little time to debate. The federal government has reached its legal debt limit. That is the borrowing limit, set by Congress, for the government. Congress will have to raise the debt ceiling by late February. That will be the job of the 113th Congress, which was seated on Thursday.

In addition, lawmakers will have to make difficult budget decisions by March first.  On that date, big, automatic budget cuts, or sequestration is set to take place across the federal government.

1 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

2 postpones   

v.延期，推迟( postpone的第三人称单数 )

参考例句：

• So it at least postpones the amount of taxes on due. 因此它至少推延了税金的交纳。 来自互联网
• Even if it does, this just postpones the day of reckoning. 但即便如此，也只是推迟了不得不解决根本问题的日子而已。 来自互联网

3 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

4 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

5 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

6 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

7 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。