For years the Congressional Budget Office (CBO) has been warning
that the federal government’s fiscal course is “unsustainable.” And
for just as long, Congress has refused to do anything about it,
preferring to defer and delay whenever possible.
The consequences of congressional irresponsibility have been mounting all the while: four years of $1 trillion deficits, a $16 trillion federal debt, and a slew of temporary tax policies. Even routine fiscal decisions have been neglected: For more than three years the Senate has declined to pass a budget, perhaps fearing what an honest assessment of the government’s fiscal situation might show.
Read more: http://reason.com/archives/2012/12/11/the-fiscal-cliff
The consequences of congressional irresponsibility have been mounting all the while: four years of $1 trillion deficits, a $16 trillion federal debt, and a slew of temporary tax policies. Even routine fiscal decisions have been neglected: For more than three years the Senate has declined to pass a budget, perhaps fearing what an honest assessment of the government’s fiscal situation might show.
Read more: http://reason.com/archives/2012/12/11/the-fiscal-cliff
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