The inability for our elected leaders to reach a compromise on taxes will force something that no one wants: across-the-board tax increases. But that won’t be the worst part of this political suicide mssion. Going over the fiscal cliff will kill the economic recovery, throwing more people out of work, and pushing many businesses into bankruptcy. It could be 2008 all over again.
The Associated Press reported that if a deal isn’t struck by midnight Monday, tax rates will change and hit nearly all Americans with tax increases totaling $536 billion. In addition, the military and other federal agencies would have to cut $110 billion in spending.
Meanwhile, the two sides act as if there isn’t a deadline — fingerpointing and name-calling, instead of negotiating.
Investors don’t like what they are seeing, with the stock market retreating for the fourth straight day on the news coming out of Washington, D.C.
It’s time to get a deal, and that means compromising. Unfortunately, too many senators and House members refuse to find common ground, somehow believing that compromise is a weakness. And that stubbornness has brought us to this point. Americans deserve better.