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So What is the Fiscal Cliff and Isn't it Time We Figured Out How to Avoid Going Over It?

President Obama is back in campaign mode, touring the country to raise awareness about the 'looming fiscal cliff.' But isn't it now time for Washington to stop talking and do something?

According to multiple news sources, President Barack Obama has embarked on a tour to make a public case for his administration's plan for addressing the impending "fiscal cliff."

So what is the fiscal cliff? It's the changes expected to go into effect when the 2011 Budget Control Act expires at the end of the year. Among the changes are:

  • The end of last year’s payroll tax cuts (which means a 2 percent tax increase for workers);
  • The end of the 2001-2003 tax cuts;
  • The beginning of heath care-related taxes set in motion by the president’s Affordable Care Act.

At the same time, spending cuts agreed on in last year's debt ceiling agreement will go into effect, meaning steep cuts to things like the defense budget and Medicare.

According to the Associated Press, both sides warn that going over the cliff could harm the fragile economic recovery, but the White House and congressional Republicans still differ on whether the answer is to raise taxes or close tax loopholes and deductions.

On Friday, the President will visit the Rodon Group, a Hatfield-based manufacturer that makes K'NEX, Tinkertoy and Angry Birds building sets, to highlight the company as an example of a business that thrives when middle-class consumers have more money in their pockets.

Pennsylvania GOP Spokesperson Valerie Caras issued an email statement suggesting that the president's time could be better spent working with Republicans in Washington.

"Considering the financial challenges our nation faces, we urge President Obama to get to work with Congressional Republicans to find a solution that prevents our economy from falling over the fiscal cliff." wrote Caras.

So what do you think? With only a few weeks left, is the time for talking over? Is it now time for Washington to stop all the posturing and figure out a way to fix the problem?

Hal Schneider December 01, 2012 at 04:07 AM
Not to mention the fact, Good Grief Y'all, that, as all good liberals do, you seem to forget that when I file a tax return, it is to get my OWN money back that the government has confiscated from me at the point of a gun! It is not me GETTING anything FROM the government!
R++ One of the Famous Dacula Crew December 01, 2012 at 06:46 AM
HOW is this Nonsense to you? Have you ever wondered withholding down interest rates so artificially low and what would happen to debt interest expense if rates rise?
R++ One of the Famous Dacula Crew December 01, 2012 at 06:47 AM
Aw glad I'm on your mind ...
Good Grief Y'all December 01, 2012 at 02:06 PM
Go Dawgs!

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