Essentially, Congress and the President have failed to find a compromise to reduce our deficit in recent years. That failure has led to the “fiscal cliff” — a term coined to represent the combination of the expiring Bush tax cuts for all Americans and the automatic spending cuts set to take place as part of sequestration, a process set into motion by the failure of last year’s budget “supercommittee.”
Many economists believe that, if we go over the “fiscal cliff,” our economy will dip back into recession, hampering job growth and the economic security of millions of American families.
We can’t let that happen.
Congress and the President should instead come together and agree to a comprehensive plan, along the lines of that put forward by the bipartisan Bowles-Simpson deficit commission, that reduces our deficit by $4 trillion and puts everything on the table. If we do that, we can get our fiscal house in order and show the world that we’re still capable of solving big problems.
So check out my new web page and get more information on the ‘fiscal cliff.’ Cut through the clutter and find out how we got into this mess and, more importantly, how we can get out of it.