As we approach the deadline the fiscal cliff looms before us. Once far off in the distance it is now upon us.
With the IMF stating we need to do something or else….
The President seems unwilling to negotiate on any terms but his own and will not budge on the tax increase for the wealthy.
While Bohener seems to be moving toward some sort of solution that will most likely be too little too late. It is not clear as to whether or not other Republicans will follow his lead.
So will we all freefall into economic disparity? Hitting rock bottom never to get up again?
The effects of “going over” are not immediate as the spending and tax structure that is affected can always be attended to in a session of Congress. The long term effect current growth and will most likely head us into another recession which would most likely be felt worldwide.
The very long term effects might be positive as it reduces a very large deficit. Whether that reduction is worth the pain most economists seem to say no and this is the worst time to make such an experiment.
So I think that a last minute deal will be made that satisfies neither party. Democrats and Republicans and will point fingers at each other for lack of leadership and once again letting down the American People.
And unfortunately I believe both parties will be correct.