Congress And The Fiscal Cliff
Under current law, major tax policies implemented to ease consumers through the financial crisis are scheduled to end January 1, 2013. Income and payroll tax rates will rise, and many relying on extended of unemployment benefits will be cut from the rolls. In addition, federal discretionary spending will be slashed. Almost everyone believes the scope and magnitude of these changes, if they go through as planned, will trip up U.S. economic growth. After the election, the lame duck Congress could act to delay the cuts, but much will depend on who wins the presidential election. Please join us to talk about Congress, politics and the tax and spending policy choices between now and January 1, 2013.
columnist and editorial writer for The Washington Post.
economics editor for The Wall Street Journal and author of "In Fed We Trust."
senior fellow, Brookings Institution, vice chair, Board of Governors, Federal Reserve System (1996-99); director, White House Office of Management and Budget (1994-96); and founding director, Congressional Budget Office (1975-83).