Israel worries about US financial crisis

The Israeli Government has expressed its concerns about the repercussions of the US financial crisis “which poses uneasy difficulties before Israel”.
Official Israeli radio reported Finance Minister Yuval Steinitz saying that the US financial crisis – the so-called “fiscal cliff” is going to cause big problems for Israel.

The US crisis revolves in part around tax cuts introduced by the George W Bush administration which are due to end at midnight on 31st December.

This will add an average of $2,000 to the annual income tax bill for Americans.

President Barack Obama plans to extend 98 per cent of the tax cuts. The remaining two per cent will remain in place for wealthier US citizens.

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