Late Breaking News: 3:45 pm New Years Day
Nothing matters to the economy more than avoiding the fiscal cliff. It is the difference between positive GDP growth in the 2nd half of 2013 and a recession with higher unemployment, lower government revenues, a bigger budget deficit, and reduced savings for retirees and the nearly retired. Will valuations recover from such a recession? Who knows how many times the market can suffer from legislative ineptitude?
Now that the Senate has passed a bill that deals with the cliff and pushes spending discussions into the next 2 months when a debt ceiling bill must be passed or the U.S. will default, House GOP leaders such as Eric Cantor say they cannot support a bill like the Senate passed 87-13 because it does not contain spending cuts.
Well, if Mr. Cantor was so set on having input into such a bill why did he not work to support the Grand Bargan that Mr. Boehner and President Obama were working on? It contained both the tax increases that the Senate bill has and spending cuts that Mr. Cantor is now complaining are not in the Senate bill.
I don't understand what the House GOP wants for this country. The House of Representatives is not the only elected body in D.C. and they must compromise with the Senate and the President. Otherwise, the country is going to go down the toilet.
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