(WSJ) Alan Blinder—The U.S. Cruises Toward a 2013 Fiscal Cliff

Posted by Kendall Harmon

At some point, the spectacle America is now calling a presidential campaign will turn away from comedy and start focusing on things that really matter—such as the "fiscal cliff" our federal government is rapidly approaching.

The what? A cliff is something from which you don't want to fall. But as I'll explain shortly, a number of decisions to kick the budgetary can down the road have conspired to place a remarkably large fiscal contraction on the calendar for January 2013—unless Congress takes action to avoid it.

Well, that gives Congress plenty of time, right? Yes. But if you're like me, the phrase "unless Congress takes action" sends a chill down your spine—especially since the cliff came about because of Congress's past inability to agree.

Read it all.

Filed under: * Culture-WatchAging / the ElderlyHistory* Economics, PoliticsEconomyTaxesThe U.S. GovernmentBudgetMedicareSocial SecurityThe National DeficitPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

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Posted March 19, 2012 at 9:02 am [Printer Friendly] [Print w/ comments]
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