“Where are the President’s spending cuts?” asked House Speaker John Boehner on the House floor Tuesday in response to the President’s plan to handle the fiscal cliff. Former RNC Chairman Michael Steele further explained House Speaker Boehner’s questioning: “As the Speaker said today, we’re still waiting for the White House to identify what spending cuts the President is willing to make as part of the ‘balanced approach’ he promised to the American people. The longer the White House slow-walks this process, the closer our economy gets to the fiscal cliff.” That sounds serious. It’s a good thing the proposed cuts were explained in detail… last February.
There hasn’t been a bigger dick-measuring contest in Washington since the raising of the debt ceiling last year when it comes to the fiscal cliff.
The start of 2013 will see an end of the Bush tax cuts for all incomes, a lapse in the AMT patch and the beginning of spending cuts under the Budget Control Act of 2011, a combination that many believe could put the nation back into a recession unless action is taken now.