ARTICLE · 01 AUGUST 2012

Mainbrace - July 2012 (No. 2)

Blank Rome LLP

As the November election draws closer, the main questions on everyone’s lips in Washington, DC are whether Congress can enact any maritime legislation and are we about to fall off a "fiscal cliff"?

United StatesTransport

CONGRESSIONAL FAILURE TO ENACT MARITIME LEGISLATION AND THE FISCAL CLIFF

By Joan M. Bondareff and Jonathan K. Waldron

As the November election draws closer, the main questions on everyone's lips in Washington, DC—other than who will win the election itself—are whether Congress can enact any maritime legislation and are we about to fall off a "fiscal cliff"? Congress has for the most part demonstrated an inability to enact substantive maritime legislation, including spill legislation following Deepwater Horizon. With regard to the phrase "fiscal cliff," this was coined by Federal Reserve Chairman Ben Bernanke to describe the perfect storm of economic events facing the nation. The questions for the maritime industry are when will Congress be able to accomplish anything in the maritime space, and what impact will the fiscal cliff, also called "Taxmaggeddon," have on their businesses?

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Mainbrace - July 2012 (No. 2)

CONGRESSIONAL FAILURE TO ENACT MARITIME LEGISLATION AND THE FISCAL CLIFF

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