Originally published on Thu November 8, 2012 4:57 pm
The so-called fiscal cliff is a double-edged sword, the nonpartisan Congressional Budget Office says in a new report issued today.
Why? Ignoring the huge tax increases and spending cuts set to take effect at the beginning of the year "will probably cause the economy to fall back into a recession."
But: "They will make the economy stronger later in the decade and beyond."
The Affordable Care Act survived a near-death experience at the Supreme Court earlier this year. And the overhaul law's fate again hangs in the balance come Election Day. Mitt Romney has vowed to work for its repeal, if he's elected president.
Meanwhile, the law continues to take its hits.
We've already heard warnings about the so called "fiscal cliff" from the Federal Reserve and the Congressional Budget Office.
Originally published on Wed August 22, 2012 8:33 am
Expect to hear about this from the campaign of Republican presidential contender Mitt Romney as he continues to take aim at President Obama's record on the budget and the economy:
The Congressional Budget Office reports this morning that "for fiscal year 2012 (which ends on September 30), the federal budget deficit will total $1.1 trillion ... marking the fourth year in a row with a deficit of more than $1 trillion."
Originally published on Tue May 29, 2012 9:27 am
There are growing warnings on Capitol Hill that the nation could be rolling toward an end-of-the-year fiscal train wreck.
"The looming tax hike will be absolutely devastating," Senate Minority Leader Mitch McConnell, R-Ky., said.
"You can call this a fiscal cliff. You can call it 'Taxmageddon' as others have done. Whatever you call it, it will be a disaster for the middle class," Sen. Orrin Hatch, R-Utah, added.
And Sen. Ben Nelson, D-Neb., said: "It's a tsunami; there's no question about it, and it's coming."