media-friendly epithet (coined by none
other than Ben Bernanke) for a decidedly unfriendly
event as US lawmakers face a rather difficult
choice that, whichever way they decide to
lean, will have massive implications - not just for
the US, but the rest of the world. The options
before them are to either let current policy take
effect on January 1, 2013, or make changes to
the proposed tax increases and spending cuts
slated to come into force on that day in order
to attempt to propel the can just a little farther
down the road.
As it stands, on January 1 of next year, the Bushera
tax cuts expire as do the payroll tax cut and
several tax-relief provisions. Also kicking in is the
first installment of the $1.2 trillion in cuts across
defense and domestic programs that were reluctantly
agreed under the ridiculously drawn out deficit reduction agreement that was finally
reached after the clowns running the circus had
the:
A) ineptitude
b) arrogance
c) foolhardiness
d) all of the above
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