Kim Dixon: Far from saving the economy, this new deal does little more than kick the can down the road
Published 02/01/2013 | 08:00
IN the controversy surrounding the "fiscal cliff" issue, it's easy to forget that the origin of the entire debate was a desire to reduce swollen federal deficits.
Whether the target was $4 trillion over 10 years, as proposed by the Bowles-Simpson deficit reduction commission, or in the $2 trillion range, as tossed around by House of Representatives Speaker John Boehner and President Barack Obama, the idea was to rein in total debt that now tops $16 trillion.
By those standards, the bill passed by Congress last night to avoid the cliff's automatic steep tax hikes and across-the-board spending cuts, looks paltry indeed.