Home / Knowledge / News / Apparel/Garments / NRF hails deal to avoid Fiscal Cliff
NRF hails deal to avoid Fiscal Cliff
02
Jan '13
The National Retail Federation welcomed an agreement reached between the White House and Congress on a plan to avoid the fiscal cliff.

“If our nation had been allowed to go over the fiscal cliff, the consequences would have been devastating for businesses and consumers alike,” NRF President and CEO Matthew Shay said. “With the economy still recovering, taking hundreds of billions of dollars out of consumers’ hands was a risk we could not afford to take.

This agreement might not be seen as perfect by everyone, but it gives American consumers and businesses the certainty they need to put worries over this issue behind them and get on with the business of growing our economy and creating jobs. We urge Congress and the White House to move as quickly as possible to get it passed and signed into law.”

While avoiding the tax hikes and spending cuts that would have come without a deal is good news, Shay said the agreement is just a first step in addressing economic issues.

“The Administration and Congress did what was politically easy but will soon have to return to deal with issues that are economically critical if we are to sustain a growing and vibrant economy,” Shay said. “Congress and the White House still need to develop long-term plans dealing with tax reform and other fiscal issues. We have avoided the immediate crisis, but there’s much more to be done before our economy is fully restored.

If tax hikes and spending cuts that make up the fiscal cliff had been allowed to go through, retails sales in 2013 would have been flat for the year, with negative growth in the first half of the year, according to an analysis conducted by NRF Chief Economist Jack Kleinhenz working with the economics firm Macroeconomic Advisors. A November White House report said consumer spending could have taken a hit of nearly $200 billion in 2013 if middle-class tax cuts were allowed to expire.

As the world’s largest retail trade association and the voice of retail worldwide, NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad. Retailers operate more than 3.6 million U.S. establishments that support one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy.

National Retail Federation


Must ReadView All

Pic: Shutterstock

Textiles | On 21st Jun 2021

Congestion at China's Yantian Port to have ripple effect across world

After China's Yantian Port announced it would stop accepting new...

Pic: Shutterstock

Textiles | On 21st Jun 2021

S African textile workers to get average wage rise of 5.2% from Aug 1

The Southern African Clothing & Textile Workers' Union (SACTWU) has...

Pic: Shutterstock

Apparel/Garments | On 21st Jun 2021

Prime Content| Sri Lanka's textile & garment exports up 28.7% in Jan-April '21

Sri Lanka’s earnings from textiles and garments exports increased by...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Sustainable and eco-friendly fibres remain in the minority

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Kriti Kanodia,

Kriti Kanodia

A TV show in 2012 where actor Sonam Kapoor customises her own pair of...

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search