Whether ‘Fiscal Cliff’ or Debtpocalypse, by Any Name, It Spells Austerity
November 16, 2012
WASHINGTON — Come January, the United States might careen off the fiscal cliff. Or start rolling down the fiscal slope. Or, in a worst-case scenario, find itself staggering amid the hot ashes of a debtpocalypse.
One thing is certain. Absent Congressional action, the country faces more than half a trillion dollars in tax increases and spending cuts next year. Workers would have less take-home pay. Financial markets might panic. Eventually, the country could fall back into a recession.
Many politicians and pundits in Washington are terrified of it, and President Obama and Congressional leaders met Friday to publicly kick off a series of negotiations to avoid it. But that does not mean that anyone can quite agree on what to call it.