AP Analysis: Cliff deal is another pain-free punt

Posted by Kendall Harmon

Congress' hectic resolution of the "fiscal cliff" crisis is the latest in a long series of decisions by lawmakers and the White House to do less than promised — and to ask Americans for little sacrifice — in confronting the nation's burgeoning debt.

The deal will generate $600 billion in new revenue over 10 years, less than half the amount President Barack Obama first called for. It will raise income tax rates only on the very rich, despite Obama's campaign for broader increases.

It puts off the toughest decisions about spending cuts for military and domestic programs, including Medicare and Social Security. And it does nothing to mitigate the looming partisan showdown on the debt ceiling, which must rise soon to avoid default on U.S. loans.

In short, the deal reached between Obama and congressional Republicans continues to let Americans enjoy relatively high levels of government service at low levels of taxation. The only way that's possible, of course, is through heavy borrowing, which future generations will inherit.

Read it all.

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

Posted January 2, 2013 at 4:54 pm [Printer Friendly] [Print w/ comments]

1. Br. Michael wrote:

Why is it that you see more responsible reporting AFTER an important vote?  Doing nothing was the responsible thing for the country as a whole.  Now taxes will go up and you will never see a dime in spending rate reduction.  (Real cuts were never on the table.)

January 2, 8:12 pm | [comment link]
Registered members must log in to comment.

Next entry (above): (Allafrica) In Rwanda Clerics Urge Renewed Commitment to God

Previous entry (below): Parishioners, friends say farewell to St. George’s Spesutia, Oldest Episcopal church in Maryland

Return to blog homepage

Return to Mobile view (headlines)