Hi My name is Michael
* Obama and Congress constructed a fiscal cliff.
* They put the Us Economy on course to go over this cliff at the end of the year unless they find an alternate way to reduce the deficit by 1.2 trillion dollars over the next decade.
* As its getting closer to the end of the year, there is no apparent progress towards diverting away from cliff.
* This means: Taxes would rise a lot for almost everyone, Domestic and defense spending would be cut.
* This would be a huge blow to an already fragile economy.
* Forecasters say it almost surely would mean a renewed recession.
* One out of every 4 dollars goes towards healthcare today.
The article I read is called “Obama-GOP Cliff Talks Take Positive Return.” This article talks about the fiscal cliff. Obama and Congress recently constructed a fiscal cliff. They had set for the United States economy to go over this cliff at the end of the year. As the end of the year has arrived, not much progress has been made. If they don’t find a solution soon they would need to find a way to reduce the deficit by 1.2 trillion dollars within the next 10 years. They would either have to cut federal spending in areas such as defense and domestic and they would have to increase taxes. Both parties are still at odds and have yet to come to an agreement. At this point in time, the general public is unaware of what agreements If any have been reached. Areas that still need to be addressed are expiring tax cuts and domestic programs. This is imperative to our current economic state as well as our future as a country if an agreement is not reached. This would in turn create a renewed recession that our fragile economy will not be able to handle.