Fiscal Cliff 'downpayment' may be in the works

Apaprently, talks to resolve the fiscal crisis are not going very well so lawmakers are contemplating going to Plan B: negotiating a "downpayment" on cuts and spending increases that would avoid the fiscal cliff and push back the deadline a few montsh. Washington Post: With the "fiscal cliff" looming and no "grand bargain" in sight, talk in Washington has turned to a "down payment" - a package of spending cuts and revenue increases that would help us avoid the cliff and give leaders more time to strike a long-term deal. House Speaker John Boehner says such a mini-deal would serve as "a down payment on - and a catalyst for - major solutions, enacted in 2013, that begin to solve the problem." Unfortunately, the opposite is true. Passing a down payment now could very well doom the chances for major tax and spending reforms next year. Since Republicans are (for the moment) holding firm to their opposition to raising tax rates, the only way to increase revenues in a down...(Read Full Post)