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All eyes are now focused on negotiations to resolve the fiscal cliff, which if left unaddressed will result in arbitrary spending cuts and tax rate increases for all earners at the beginning of next year. Arbitrary cuts combined with new increases in tax rates would undermine economic growth and likely send our economy back into recession.
Washington, DC – The U.S.-Panama Trade Promotion Agreement enters into force today, marking the completion of the three U.S. trade agreements enacted in 2011. Trade promotion agreements with Colombia and South Korea took effect earlier in 2012. Congressman Adrian Smith (R-NE) issued the following statement:
“The three trade agreements with Panama, Colombia and South Korea are now in effect, bringing mutual economic benefits and expanding export opportunities for Nebraska goods, crops and products.
The national economy is bleak. Four years after a deep recession, unemployment remains stubbornly high at 7.8 percent, and economic growth has slowed to 1.3 percent. Families and small businesses are struggling to make ends meet. As wages and benefits have been cut, prices of electricity, gas, food, and health care continue to rise. Clearly, we are not headed in the right direction.