The Fiscal Cliff
Dec. 31st, 2012 02:03 pm"Something has gone terribly wrong when the biggest threat to our American economy is the American Congress.
-- Senator Joe Manchin III, Democrat of West Virginia
They are actually coming near to a deal on this 'fiscal cliff' drama, but there are only hours to go. The Republicans seem to be on the verge of accepting tax hikes for those who are making over $400,000 a year, but the House Republicans have balked at this compromise before, evidently preferring death over a single extra dollar taken in taxes from their plutocrat lords. If they fail, it is tax hikes for everybody and traumatic spending cuts across the board on the budget, and we are talking about an economy that is undernourished as it is. This could be a lot of pain and may even hit home.
-- Senator Joe Manchin III, Democrat of West Virginia
They are actually coming near to a deal on this 'fiscal cliff' drama, but there are only hours to go. The Republicans seem to be on the verge of accepting tax hikes for those who are making over $400,000 a year, but the House Republicans have balked at this compromise before, evidently preferring death over a single extra dollar taken in taxes from their plutocrat lords. If they fail, it is tax hikes for everybody and traumatic spending cuts across the board on the budget, and we are talking about an economy that is undernourished as it is. This could be a lot of pain and may even hit home.