Can Americans afford compromise on the fiscal cliff?

The phrase ‘fiscal cliff’ now permeates the American media. In essence, the cliff is a series of legislated fiscal triggers that will be activated on 1 January, which include the ending of President Bush’s tax cuts, the re-introduction of the payroll tax, the ‘sequestration’ of the American military budget, and the renegotiation of the debt ceiling (Democrats want Congress to issue an expiry-free ‘get-out-of-jail-free’ card). You may be forgiven if your eyes glaze over when considering the déjà vu nature of the debate to cull and rationalise State tax and spending commitments - note the one-sided nature of these talks thus far. What cannot be forgiven, however, is endemic political legerdemain.

Read the full blog post here

Source: http://www.iea.org.uk/blog/can-americans-afford-compromise-on-the-fiscal-cliff

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