How Can Congress Avoid the ‘Fiscal Cliff?’
Lawmakers in Washington have a Dec. 31 deadline to prevent start of automatic tax hikes and budget cuts.
After kicking the can down the road to avoid making hard choices in the face of an election, lawmakers now have just a few weeks to face financial reality for the American people. Experts may debate whether it’s a “fiscal cliff” or a gentle slope, but everyone seems to agree that dealing with the deficit and expiration of Bush-era tax cuts is a must. (See Wall Street Journal video explainer.)
Congress set their own deadline to do so of Dec. 31, 2012, conveniently after the election. But with another election at least two years away, it's now time to do something about it. Up until now, each Party has blamed the other for the footdragging, but all indications are that the American people are tired of the deadlock in Washington. They're ready to see some compromise.
What would you be prepared to see your congressman concede in order to resolve the issue or do you think they should hold the Party line no matter what? What would you like to see happen to prevent going over the so-called "fiscal cliff?"