Will the ‘fiscal cliff’ be avoided?
Settled on 01/02/2013 14:53 Settled by kruijs
A bill passed by Congress late Tuesday averts widespread tax increases and delays deep spending cuts that had threatened to return the country to recession. World stocks went up in response.
Republicans and Democrats jousted on Sunday over the best way to avoid the “fiscal cliff” but also indicated a growing bipartisan consensus that any solution must include a combination of spending cuts and revenue increases.
“I think that’s a given, and I think the vast majority of Americans agree with that,” Senator Tom Coburn, an Oklahoma Republican, said on NBC’s “Meet the Press.” “The question is how do you do that and how do you allow taxes to rise at the same time [that] you fix the real problem? And the real problem is uncontrolled entitlement spending and a government that has grown massively.”
The debate appears to center on the extent to which Democrats are willing to reform entitlement programs and whether additional revenue will come only from loophole closures and economic growth â€” as Republicans favor â€” or also from higher income tax rates for wealthy Americans.
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