Let’s Make a Deal!

On 1/1/13 $1.2 trillion in spending cuts commence, the $3.8 trillion Bush tax cuts end and if the 2% Social Security payroll tax holiday is extended, it too will end. Including reduced interest costs these events reduce the deficit by $6.2 trillion over a decade. Moreover, they all occur unless a bipartisan deal to stop them is reached in ’12. A deal is needed because absent a strong economy, such contractionary fiscal policy will devastate the economy.

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