Americans could wake up to find a lump of coal in their stockings if the fiscal cliff isn't addressed before the holidays. According to a new report from the White House, taxes on middle class families will increase by $2,200 per year, resulting in a loss of $200 billion in consumer spending, if the fiscal cliff is not addressed. Similarly, the Organization for Economic Cooperation and Development stated that, if not avoided, the fiscal cliff could lead to a global recession.
This very serious situation can and should be avoided. The President is demanding tax increases to solve our debt crisis, but Americans know that Washington doesn't have a revenue problem, spending on mandatory programs is the problem. Any potential deal reached must begin with real spending cuts and meaningful reforms to mandatory programs.
According to the Heritage Foundation, 62% of total government spending goes toward mandatory programs.
It is the responsibility of members of Congress to ensure that hardworking, middle-class families do not see their taxes increased in the New Year when about 40% of their total income already goes toward taxes. Additionally, the table must be set for economic growth, especially in the energy sector, and to help ensure that small businesses have the confidence to hire.
It would be irresponsible for Congress to further burden taxpayers if the government’s spending addiction can’t be curbed. For example, President Obama’s budget projects that, even if we were to raise taxes on individuals making over $200,000, we would still add $6.7 trillion to the national debt over the next decade.
House Majority Leader, John Boehner spokesman, Brendan Buck fired off a statement, “If the President rejects the middle ground offer, it is now his obligation to present a plan that can pass both chambers of Congress.”
The ball is in the President's hands. Will he fight for America? Stay tuned!
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