Congress’ Pride Facing Fiscal Cliff
The U.S. public is starting to get worried that the fiscal cliff is quickly approaching and could tip the fragile U.S. economy into a deep recession if nothing is done to stave if off.
The elections have ended and at this time, there is a lame duck Congress in Washington. In prior elections years, this time was for Congressmen and women to clean out their offices for the newly elected to enter in January and for tying up an loose ends prior to Congress recessing for year end.
However, this session is different, with partisanship deeply rooted in Congress, this has become a time of deal making. This is the time, when many politicians will vote for the first time with their conscience, at least the ones who were voted out of office.
Congress now only has one month to put an end to the fiscal cliff that looms. On January 1, the tax cuts put into place by President Bush will expire and over $1.2 trillion in cuts to the federal budget will take effect. Many economists predict the impact of the spending cuts and tax increases will throw the country into a recession.
The economy in the U.S. is just starting to show signs it is recovering, but Americans are now nervously awaiting the outcome of negotiations between parties hoping that Congress can find a way to agree and not hurt the economic recovery now taking place.
Small and large business owners are anxiously awaiting a deal and are trying to influence Congress to come to an agreement so the economy continues to churn towards a full recovery and not lose the steam it has generated over the past few months.
Meanwhile a nation waits with only one message for its Congress, make the deal and make it quick.