Sunday, November 11, 2012

U.S. Congress created this cliff and may now plunge off it

That time is now with the start this week of a lame-duck session of Congress. But it is not at all certain that Republicans and Democrats are ready to make the compromises necessary to undo the trap they set in August 2011.

With all the time available since then, optimists assumed that Congress and President Barack Obama would return after last week's elections with a plan - perhaps a temporary fix - to avoid the $600 billion in tax increases and budget cuts set to start in January that threaten to throw the economy back into recession.

But they didn't.

http://www.reuters.com/article/2012/11/11/us-usa-fiscal-congress-idUSBRE8AA02620121111