Clock is ticking for fiscal cliff

[Geee]

Washington Times:

We all know the clock is ticking on the “fiscal cliff.” In a few weeks, tax increases of more than $500 billion will take effect alongside the first of $1.2 trillion in automatic spending cuts unless President Obama and congressional leaders are able to strike a compromise during the lame-duck session.

Recent economic data also point to a worrying first quarter if Congress fails to lift the uncertainty caused by the cliff. The American public may have voted for a status quo in the organization of Washington, but they did not vote for a status-quo economy.

The blunt truth is that while many have been critical of Congress‘ propensity to “kick the can,” we simply no longer have time to wait for a long-term deal. Instead, Congress must use the lame-duck session to put in place an extension of the current individual tax rates in order to buy time for a more comprehensive tax reform package in 2013. With an extension secured, Congress and the administration could turn to healing the immediate economic ills.