'Groundhog Day' in Congress on tax cuts, budget
The Kansas City Star
Here we go again. Republicans in Congress are prepared to take the nation to the so-called “fiscal cliff” once more on extending tax cuts and reducing the budget.
It is an election year, and Republicans in the House and President Barack Obama are playing this game again on whether to include Bush-era tax cuts for the wealthy in the package. the standoff has stalled any hope of a solution.
Meanwhile, robo budget cuts are scheduled to start in January, The Associated Press reports.
The spending cuts and tax increases combined could amount to about $500 billion next year, a report from the Congressional Budget Office said. The sucking sound of that much money being pulled from the economy in addition to the financial turmoil facing Europe will likely plunge this country in a recession in 2013. If you think unemployment numbers are high now, just wait.
Surely politicians in Washington will come to their senses, suspend the budget reductions and continue the tax cuts. We have seen in recent years that doing the right thing to ensure the well-being of the country and U.S. citizens and Beltway politics often don’t mix.