Thus far the parties’ respective positioning on the “fiscal cliff” has produced little agreement. President Obama’s proposal to raise taxes by $1.6 trillion without significant reductions in spending growth has been rejected by Republicans. The White House in turn quickly rejected the House Republicans’ counter-offer to enact a solution similar to the bipartisan Bowles-Simpson commission proposal. Concerns are rising that elected officials will be unable to reach a deficit-reduction deal before we go over the cliff at year’s end. With the parties so far apart, renewed attention to basic common-sense principles is perhaps in order.
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