By Fr. Fred Kammer, SJ
Now that the election is over, a lame duck Congress has returned to Washington and a “new Congress” convenes in January. Facing both is the so-called “fiscal cliff” of automatic budget cuts (sequestration) and the termination of the Bush tax cuts created by the failure of the so-called Congressional Super-Committee to reach a bi-partisan agreement last year on tax income, budget cuts, the deficit, and our ever-increasing national debt, now at $16 trillion (as of October 2012).
If Congress does nothing to change the current law, the Congressional Budget Office (CBO) indicates that in January the following changes will occur and have the largest cumulative impact on the budget and the economy:
Office Location: Mercy Hall, Room 306 | Mailing Address: 6363 St. Charles Avenue, Box 94 New Orleans, LA 70118