John Stossel on the Fiscal Cliff
Yikes, we're headed toward a fiscal cliff! It will crush the economy! Or so the media and politicians tell us.
The "cliff" is a series of tax increases and budget cuts that automatically go into effect Jan. 1 unless Congress acts.
The across-the-board cut, or "sequestration," was designed to be so distasteful that Congress would be moved to cut more deliberately. If it doesn't act, $110 billion in projected spending will be automatically cut—half from domestic spending, half from the Pentagon.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?