If the two sides do not reach a deal by the end of the year, tax rates on income and investments will rise for all Americans and government programs from the military to education will face deep, across-the-board cuts. A broad range of business tax breaks for everything from wind power to research costs would expire as well.
That could cause the economy to shrink by 0.5 percent and push the unemployment rate up to 9.1 percent by the end of next year, according to the Congressional Budget Office. The current unemployment rate is 7.9 percent.
The deadline comes from years of dysfunction as lawmakers and presidents have postponed tough decisions on fixing the nation’s finances.
No. The deadline comes from four years of America-hating intentional destruction of the economy by the GOP in their hopes that the electoral blame would be pinned on Obama and the Democratic Party.