The Fiscal Cliff

Synopsis: With the growing national debt of 16 trillion dollars, the United States is in a hindrance of the near fiscal cliff. Legislation has been trying to figure out a plan for the economy by January, 2013. After extending the debt ceiling in July from 14.3 trillion to 16.4 trillion, Legislation and President Barack Obama have been collaborating to negotiate spending cuts and new budget plans, and will continue to do so until they find a solution to the economic distress.

Analysis: The Economy has not been doing very well for the past 5 to 6 years, and our National Government has been trying to create a budget plan that will improve the economy and create a profit for the US as a whole. There is a proposition to end the Bush Tax cuts, and any others that have been ensued. Boehner, the Speaker of the House, has proposed taxing the upper class to keep the middle class out of poverty, and allow them to have upward mobility. There is also alot of talk of cutting medicare by increasing the age to around 66. People seem to be sick of this recession, and want the Government to agree on something and go with it. When the debt ceiling was raised in July, there were many people wondering why they were putting these budget plans off. There is much to be done in the white house, and it seems that no one will know exactly what is going on until late January of 2013. It seems that the Republicans are more focused on spending cuts, like always, and the democrats are putting their faith in increasing revenue. Congress is mostly republican, and with a democratic president who is not very eager to cut spending, things seem to be going no where.

http://www.cbsnews.com/8301-250_162-57554264/the-fiscal-cliff-isnt-a-cliff-at-all/

http://www.thefiscaltimes.com/Articles/2011/07/10/What-Is-the-Debt-Ceiling.aspx#page1

http://www.usdebtclock.org/index.html