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Friday, November 9, 2012
The President and Congress have just 52 days to come together and reach a deal to avoid the coming so-called "fiscal cliff" that is steamrolling towards the United States taxpayer, as unless we resolve the scheduled $800 billion in spending cuts and the soon to be lapsed Bush tax cuts, we're looking at another recession.
And that's not me talking; that's the Congressional Budget Office.
According to their estimates, if we allow the spending cuts and tax hikes to occur on January 1st, 2013, the result will be the immediate shrinking of our economy by 0.5%, the average taxpayer paying anywhere from $2,000 to $3,000 more in taxes per year and the unemployment shooting back up to over nine percent.
With the election done and over with, this is a place where President Obama should put behind some of his petty ideological attempts at governing, and meet with Republican leaders on Capitol Hill to not only avoid the second recession in five years, but to start fixing America's fragile and weakening fiscal situation.
This should be Washington's first priority when Congress reconvenes next week to settle 2012's business, but if President Obama's announced trip to Asia is any indicator, he might not have the same interest in avoiding calamity as House Speaker Boehner does. But for the sake of our weak economy, lets hope we can avoid this disaster.
What say you?