A Tuesday CBO report concludes that automatic spending “sequestration,” the expiration of the Bush tax cuts, and other fiscal tightening scheduled for the beginning of 2013 will result in tremendous deficit reduction … but will also threaten a new recession.
In response, Senate Majority Leader Harry Reid put the onus on the GOP.
“We could avoid the so-called fiscal cliff tomorrow if Republicans would agree to extend the middle class tax cuts, which would provide certainty to millions of families and give us ample time to deal with the other challenges facing Congress at the end of the year,” Reid said. “If Republicans want to walk away from the bipartisan spending cuts agreed to last August, they will have to work with Democrats to replace them with a balanced deficit reduction package that asks millionaires to pay their fair share.”
