CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire ~~~ So why do we have the pedal to the metal?
Rusty Bubbles
2012/05/23 09:09:30
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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.
There's common agreement that lawmakers will act either late this year or early next year to head off the dramatic shift in the government's financial situation. But if they were left in place, CBO says it would wring hundreds of billions of dollars from the budget deficit that would "represent an additional drag on the weak economic expansion."
CBO projected that the economy would contract by 1.3 percent in the first half of 2013, which would meet the traditional definition of a recession, which is when the economy shrinks for two consecutive quarters.
"Such a contraction in output in the first half of 2013 would probably be judged to be a recession," CBO said.
Read more: http://www.foxnews.com/politics/2012/05/22/cbo-says-us-likely...
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.
There's common agreement that lawmakers will act either late this year or early next year to head off the dramatic shift in the government's financial situation. But if they were left in place, CBO says it would wring hundreds of billions of dollars from the budget deficit that would "represent an additional drag on the weak economic expansion."
CBO projected that the economy would contract by 1.3 percent in the first half of 2013, which would meet the traditional definition of a recession, which is when the economy shrinks for two consecutive quarters.
"Such a contraction in output in the first half of 2013 would probably be judged to be a recession," CBO said.
Read more: http://www.foxnews.com/politics/2012/05/22/cbo-says-us-likely...
What I'm referencing is the lefts desire to terminate the tax cuts and increase entitlement spending.
The top post specifically targeted the Bush-era tax cuts, so obviously; you failed to grasp the gist of the post. Additionally, punting or failing to vote on other fiscal matters (other tax cuts and tax increases) for the sake of democrats running for re-election does not translate to being fiscally prudent
Just Sayin'
What are they smoking in Washington?.......We are in a recession
"CBO projected that the economy would contract by 1.3 percent in the first half of 2013, which would meet the traditional definition of a recession, which is when the economy shrinks for two consecutive quarters"
When you're already in a recession, the next step down is a depression