Conservative
Type 40
This deserved its own thread...
yup. brilliant if you want another recession...
CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire
Without the super committee, the spending cuts start automatically in January of 2013.
When the Bush tax cuts expire in December of 2012, Obama won't allow them to be renewed.
Spending cuts + a return to the old tax rates = deficit reduction.
Congress has been taken out of the equation. No treasonous Tea Party/Republicans to mess things up.
Another brilliant move by Obama.
yup. brilliant if you want another recession...
CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire
A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.
The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.