Chamber: Fiscal cliff coming

The so called “Fiscal Cliff” is comprised of several major components, all coming to a head at the same time:

• The 2001 and 2003 tax rates will expire, which means tax hikes on all Americans,
• The end of alternative minimum tax (AMT) patches,
• The expiration of the  payroll tax cut and jobless benefits,
• The end of doc fixes,
• The expiration of various tax extenders,
• The activation of the “sequestration,” which will cut billions of dollars capriciously from the budget, and
• Hitting the debt ceiling

There’s no telling the cumulative toll these negative economic hits will take on the economy.  According to the Congressional Budget Office (CBO) estimates, if Congress fails to act, growth could plummet to 0.5% in 2013. That, coupled with a change in output, would see us back into a recession.

That’s why Congress needs to act.  To remind them of their duty to all American taxpayers, we’ve launched a new website — The Fiscal Cliff Countdown.

Click here to visit our new website and check out the resources you will need to hold your members of Congress accountable.

Curious what your taxes will look like if Congress doesn’t act by December 31st?  We have calculator where you can see what kind of a hit you’ll take if tax rates spike on January 1st.

Need more resources on what will happen if Congress doesn’t avert the nation flying over and off the fiscal cliff?  The website will provide daily updated news clips and resources for you to share with your friends and family and on social media.

Most importantly, the site provides a quick way to contact Congress and tell them to act now.

Click here to check out the site today.

With your help, we can remind Congress of their duty and make sure we avoid the fiscal cliff altogether.

Sincerely,


Rob Engstrom
Senior Vice President and National Political Director
U.S. Chamber of Commerce

Agriculture Secretary Vilsack Visits OSU, Highlights Cancer-Fighting Research and 150 Years of Land Grant University Partnerships

COLUMBUS, Ohio, June 28, 2012—Shining a light on agricultural research that has implications for fighting cancer, Agriculture Secretary Tom Vilsack today visited The Ohio State University's (OSU) Center for Advanced Functional Foods Research and Entrepreneurship (CAFFRE), where researchers are studying the development of novel functional foods and components that offer impressive benefits to health. Vilsack's visit coincides with the celebration of the 150th anniversary of the founding of the land grant university system with the signing of the Morrill Act of 1862. "Many people do not understand the contributions to human health that agricultural research makes," said Vilsack. "But here at Ohio State, there are many vivid examples showcasing the essential role agricultural research plays in solving some of the world's most pressing health problems, all while building and revitalizing rural America." CAFFRE researchers recently used a $1,275,000 USDA grant to develop a soy‐fortified tomato juice that could potentially benefit prostate cancer patients. They also are conducting clinical trials to study the impact of raspberries and a soy bread on certain cancers. Ohio State's business partners joined Vilsack to discuss how the research is making its way from crops to the clinic to the consumer. USDA partners with Ohio State on a wide variety of food and agricultural research that provides an important investment in the Columbus community and beyond. Currently, OSU has 67 active research and integrated grants competitively awarded through USDA's National Institute of Food and Agriculture (NIFA), funded at more than $28.5 million. OSU regularly receives annual capacity building allocations to fund agricultural research and extension. In federal fiscal year 2012, the institution received over $13 million in extension formula dollars and over $8 million in formula research dollars from USDA/NIFA. NIFA's flagship competitive grants program established under the 2008 Farm Bill is the Agriculture and Food Research Initiative (AFRI). AFRI makes awards in five challenge areas—childhood obesity prevention, global food security, climate variability, food safety, and sustainable bioenergy—and through foundational and fellowship programs. The AFRI challenge areas will continue to support societal challenge areas where research, education, and extension can achieve significant and measurable outcomes. Examples of AFRI grants recently awarded to OSU scientists are: • OSU food scientists are working to increase the absorption of antioxidants by the human body. By encapsulating the antioxidants in plant-based polymers, the researchers will create micro particles that can be broken down in the gastrointestinal tract. This award totaled approximately $500,000 and will be conducted over 3 years. • OSU researchers are using Hatch Act funds to study new and emerging intestinal diseases in swine and cattle. The scientists developed a real-time tool that can detect St. Valerian-like viruses in swine. This information can help prevent the spread of the disease to animals in other regions or event to humans. Through federal funding and leadership for research, education and extension programs, USDA NIFA focuses on investing in science and solving critical issues impacting people's daily lives and the nation's future. Today, the U.S. Department of Agriculture partners with more than 100 state colleges and universities who in turn have graduated more than 20 million students; produced countless scientific breakthroughs; vastly increased agricultural productivity; and improved the lives of people everywhere. Additional information on USDA research accomplishments can be found here.