if this plan fails sequestration. a name for the threat of a hacksaw approach for the thet of reduction was supposed to hit both sides equally. democrats would hate the nondefense program. the republicans wouldn t stand cuts to the military. the theory was these be so bad there was no way congress would ever allow them to happen. after months of deliberate brakes they couldn t come to any agreement and simply gave up. so much for theory. sequestration was to go into effect on january 1st, 2013. as it happens that was the same time so-called bush tax cuts were set to expire. it was in super crisis. fed chairman ben bernanke gave it a name. it would be a massive fiscal cliff of large spending cuts and tax increases. the fiscal cliff was a
if this plan fails sequestration. a name for the threat of a hacksaw approach for the thet of reduction was supposed to hit both sides equally. democrats would hate the nondefense program. the republicans wouldn t stand cuts to the military. the theory was these cuts would be so bad there was no way congress would ever allow them to happen. after months of deliberate brakes they couldn t come to any agreement and simply gave up. so much for theory. sequestration was to go into effect on january 1st, 2013. as it happens that was the same time so-called bush tax cuts were set to expire. it was in super crisis. fed chairman ben bernanke gave it a name. it would be a massive fiscal cliff of large spending cuts and tax increases. the fiscal cliff was a
actually refuses to raise the debt ceiling, but leave the u.s. unable to fund its obligations, perhaps even default on the debt? i cannot believe that congress would end up being that irresponsible. house republicans held firm so then everybody got together to construct a sort of political goldberg machine designed to kick the problem down the road. see if you can follow this. first they raised the debt ceiling to cover part of the costs, congress would cut over 900 billion dollars in spending, spread out over a decade of course. then lawmakers created a joint bipartisan supercommittee, its job to propose at least 1.2 trillion dollars in deficit reduction. that proposal could not be debated or amended it just got one vote, yes or not. got that? now, if this plan failed sequestration. a name for the threat of a hacksaw approach to spending
hacksaw approach to spending reductions that was supposed to hit both sides equally. democrats would hate cut to nondefense programs and republicans wouldn t stand cuts to the military. the theory was the cuts would be so bad there was no way congress would ever allow them to happen, but after months of deliberations, the supercommittee couldn t come to any agreement and simply gave up. so much for theory. now, sequestration was to go into effect on january 1st, 2013. as it happens, that was the same time the so-called bush tax cuts were set to expire. together, it was a supercrisis. fed chairman ben bernanke gave it a name. under current law on january 1st, 2013 there s going to be a massive fiscal cliff of large spending cuts and tax increases. the fiscal cliff was a classic example of what happens, as you just keep putting these things off and another election comes up.
hacksaw approach to spending reductions that was supposed to hit both sides equally. democrats would hate cut to nondefense programs and republicans wouldn t stand cuts to the military. the theory was the cuts would be so bad there was no way congress would ever allow them to happen, but after months of deliberations, the supercommittee couldn t come to any agreement and simply gave up. so much for theory. now, sequestration was to go into effect on january 1st, 2013. as it happens, that was the same time the so-called bush tax cuts were set to expire. together, it was a supercrisis. fed chairman ben bernanke gave it a name. under current law on january 1st, 2013 there s going to be a massive fiscal cliff of large spending cuts and tax increases. the fiscal cliff was a classic example of what happens, as you just keep putting these things off and