Washington cannot continue to saddle future generations with massive debt, which is why the sequester passed with bipartisan support in the House and theSenate. Americans understand that spending too much is what got us into this mess, and raising taxes to fund more spending is the last thing we should do. If Washington wants to stop the sequester, it needs to find $85 billion in offsetting cuts – not offsetting tax hikes.
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.
Scott Walker wins the Wisconsin recall election, and the nonpartisan Congressional Budget Office releases a report warning warning that U.S. public debt will reach 109% of GDP in 14 years. What does this say about the direction of our country?
According to a recent report by the nonpartisan Congressional Budget Office, the U.S. is approaching a “fiscal cliff” at the end of 2012 that will result in a brief recession in early 2013. Gretchen Hamel, executive director of Public Notice,