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OP-ED: How Congress Can Solve the U.S. Budget Crisis: Do Nothing?


US Politics & Gov't  (tags: republicans, democrats, news, politics, fiscal cliff, budget battle, usa, obama, government, congress )

Cal
- 597 days ago - theweek.com
While apparently nobody was looking, says a fiscal think tank, Washington basically solved our budget problem



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Comments

Sue Matheson (70)
Friday January 11, 2013, 3:25 pm
thanks
 

Philip Heinlein (471)
Friday January 11, 2013, 4:52 pm
"it still comes as something of a shock to realize that at this point reasonable projections do not, repeat, do not, show anything resembling the runaway deficit crisis that is a staple of almost everything you hear'.

I for one have no problem with a do-nothing approach to further deficit reduction. We've patched the tax code sufficiently for now, although simplification would be wonderful. The sequester is coming in two months and the biggest impact of that is reduction of military spending. I'm fine with that. As long as we don't make cuts too deep too fast, we should see modest GDP growth in 2013, and that more than anything would reduce the deficit. I wouldn't even mind seeing some "stimulus" in the form of spending for infrastructure, in particular improving the electric grid and generating more renewable energy.

All the people talking about a need for big spending cuts are the very same people that want to decimate Social Security and Medicare. I don't trust them and I don't believe them. So I have no problem with Congress doing nothing about these so-called fiscal cliff issues.
 

John B. (215)
Friday January 11, 2013, 9:00 pm
Thanks Cal for the link to the article by Peter Weber. A quite interesting supposition that he puts forth. Read and noted.
 

John S. (301)
Saturday January 12, 2013, 3:58 am
But these projections also never come to true, so Clinton's budget surplus was never realized. However, I agree that buy doing nothing would have fixed the problem of deficits, it was the impact that that would have had on the economy is what people were concerned about.
 

Ro H. (0)
Saturday January 12, 2013, 6:18 am
ty
 

John Gregoire (255)
Saturday January 12, 2013, 6:50 am
The New Year’s Eve “fiscal cliff” scare might have passed, but any relief will be brief.

Over the next three months, the military community and the nation face four new and likely even more threatening fiscal confrontation deadlines:
1. Sometime in February: the president will send Congress his FY 2014 budget submission — we don’t know what to expect, but it could include proposals for significant new troop, pay, and benefit cutbacks.
2. Late February: the country is expected to hit the statutory ceiling on the size of the national debt. Many in Congress adamantly oppose an increase, but absent a deal to raise it, America would default on its debts; the last time Congress had a debt ceiling fight, America’s credit rating was downgraded, which tightened credit limits for individuals and companies. Any deal almost certainly will require more spending (including defense) cuts.
3. March 1: Sequestration (a $1 trillion, 10-year, across-the-board budget-cut) will go into effect unless Congress adopts an alternative for spending cuts/revenue increases. DoD would be required to absorb $41 billion in cuts before the end of October (a devastating cut in so short a time) and $450 billion more over the next 9 years.
4. March 27: The continuing resolution under which the federal government now is operating expires. Without an extension, the government will shut down. Here again, many legislators are talking about accepting a shutdown unless major spending cuts occur.

Any one of these problems would be a challenge for our rancorous Congress to address, but combine all four events converging in such a small amount of time, and it greatly increases the likelihood Congress and the administration will fail to reach agreements to successfully navigate all of these major pitfalls.

The consequences could be dire. Default on our debt, a government shutdown, or massive and immediate defense spending cuts could have a prolonged and negative effect — not just for currently serving and retired servicemembers and federal civilians — but also for America as a whole.

We have a seriously stormy few months coming before we learn whether increasingly fierce partisan acrimony can be overcome in the national interest or whether the divide is so severe our elected officials actually find “shooting the hostage” preferable to negotiating compromise solutions.
 

Donnaa D. (13)
Saturday January 12, 2013, 7:13 am
thanks
 

lee e. (114)
Saturday January 12, 2013, 10:21 am
noted -- confused and bewildered - but noted!
 

jan b. (3)
Saturday January 12, 2013, 2:31 pm
The GOP is force-feeding the Pentagon with money for weapons the Pentagon didn't want. .....just so they can justify cuts for our social benefits to seniors, children, veterans and the disabled. To clarify...it's not the social benefits that is under attack that congress now in DC gets or those in congress long retired.....
 

Winn Adams (191)
Saturday January 12, 2013, 6:18 pm
Thanks
 

Lois Jordan (55)
Sunday January 13, 2013, 2:10 pm
Noted. I'm not worried about cuts to DoD....they're bloated with expensive and unnecessary programs and weapons. Raise the debt ceiling. Put forth another job stimulus....mostly for infrastructure, education and green energy. Cut dirty energy tax loopholes, breaks and subsidies. Break up the banks and impose a Transaction Financial Tax on Wall St. Increase the payroll cap on Soc. Sec.....if someone making $40,000 a yr. pays 4%, then someone making $40 mill. a yr. should pay 4% on every penny. All this would be a good start!
 

James Maynard (68)
Sunday January 13, 2013, 3:23 pm
Well that's an interesting take.
 

Sergio Padilla (62)
Wednesday January 16, 2013, 8:52 am
Thanks
 
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