Taxpayers for Common Sense-Like a budgetary asteroid heading for earth, the post-election harbinger of doom is the so-called fiscal cliff where the 2001 and 2003 tax cuts expire and a sequestration meat cleaver whacks at government spending.
Of course it doesn’t have to be this way, and in fact it wasn’t meant to be this way. The expiring tax cuts were punted to the end of 2012 the last time they were set to expire at the end of 2010. Sequestration – a fancy budget wonk term for across-the-board cuts – was supposed to be the scary teeth that would have gotten a \”Super Committee\” of House and Senate, Republican and Democratic lawmakers to come up with at least $1.2 trillion in deficit reduction last year. Evidently the teeth were not sharp enough, because here we are.
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