New York (CNNMoney) - If lawmakers cannot agree on how to address the pending "fiscal cliff," $7 trillion worth of tax increases and spending cuts will begin to go into effect in January.
The smart money says Congress won't come close to an agreement before the November election, and that lawmakers may not even be able to reach one until early next year. At that point, of course, they'd need to undo at least some of the tax increases and spending cuts that went into effect.
Why can't they agree on the bottom level continuation of the Bush tax cuts? I would prefer that all the rates return to what they were slowly over time because the shock would be too much at once, but the deficit needs to be paid down. This is one way to do it while also cutting spending. Both raising revenue and cutting spending needs to be done.
Yawn. Call me back between Xmas and New Years'. From now until then there is going to be nothing but hot air on this issue.
Why have those with billions of dollars of the people's sweat lodged in their bank-books trying to pay their debt also from the people's pockets?
Satan gets an advantage of us (2nd Cor.2: 11) who will "gain the whole world, and lose his own soul" (Matt.16: 26).