Today, President Obama and the Speaker of the House, John Boehner, made public remarks about the so-called fiscal cliff. Both leaders seem optimistic about reaching a compromise before the new year. Currently, no specific plan has been issued by Congress or the White House to address the tax increases and the sequester spending cuts that are scheduled to take effect in January 2013.
Will a bargain be made before we reach the fiscal cliff? Or will this still divided Congress fail to come to an agreement? Lenwood Brooks, policy director for Public Notice, discusses why it is more important than ever for Obama to keep his campaign promise to cut the deficit.
Today's "Cliff Notes" from Bankrupting America focuses on the dire consequences of driving off the "fiscal cliff," the willingness of lawmakers of both parties to find common ground, and the reality of a post-election Washington that remains divided on the key issues of taxes and spending. As negotiations continue in Washington on how to resolve the "fiscal cliff," Bankrupting America will continue to hold lawmakers accountable for their rhetoric leading up to the Jan. 2, 2012, deadline.
The Congressional Budget Office (CBO), recently released a new analysis on the impact of going over the "fiscal cliff," a combination of tax hikes and spending cuts set to automatically go into effect on Jan. 2, 2013. The study confirms that failing to take action would plunge America back into a recession and estimates that the unemployment rate would spike back up to 9.1 percent.
A new polling analysis finds fiscal responsibility resonates with independents and other key demographics. Gretchen Hamel, executive director of Public Notice joins Colorado's Morning News on 850 KOA-AM to discuss the significance of these findings.