Addressing the end of the year "fiscal cliff," the combination of expiring Bush income tax cuts and coming across-the-board spending cuts to discretionary spending as a result of the failed debt super committee, is one of the biggest issues facing Congress this fall. The Associated Press reports that a typical middle-income family could see their taxes go up by $2,000 next year if Congress allows these cuts to take affect. President Barack Obama and Republican presidential candidate Mitt Romney have called for different measures to address this looming tax spike, with both advocating tax code reform but Obama calling specifically for raising the rates for top income earners to as much as 39.6 percent. A bipartisan group of Senators are reportedly at work to find a "grand bargain" to avoid the cliff, that the New York Times reports would cut $4 trillion out of the deficit over ten years through revenue raised by an overhaul of the tax code, savings from changes to programs like Medicare and Social Security, and cuts to federal programs.
Liberal New York Times columnist Paul Krugman immediately pooh-poohed the idea.
Just to say, this would be politically stupid as well as a betrayal of the electorate. If you don’t think Republicans would turn around and accuse Democrats of cutting Social Security — probably even before the ink was dry — you’ve been living under a rock.
That said, some conservatives have come out against proposed measures to take on the fiscal cliff just yet. Republican Ohio Rep. Jim Jordan has encouraged conservatives to avoid making any bad deals at the end of this legislative session, which he predicts will be followed by a 113th Congress presided over by a President Mitt Romney.
On possibly letting the Bush tax cuts expire in the very short term with the hope of Republicans being able to write a better bill for taxpayers next year, Rep. Jordan explained to reporters at The Washington Times last month “You get a better deal at 12:01 than you get at 11:59.”
Rep. Jordan joined "Real News From The Blaze" Tuesday to discuss the fiscal cliff and realities of the situation: