By mid-2013, Senate Democrat Could Strike a Deal on Deficit

Dick Durbin's idea has not panned out into any formal plan. As the so-called fiscal cliff approaches the December 31 expiration of many tax breaks, including lower rates for all income levels that were passed during the George W. Bush administration. Deep domestic spending cuts are due to kick in January 2. This could create a jolt to the economy from the tax hikes and spending cuts has become a major headache for lawmakers and policymakers.

Read it at Reuters

Get Email Alerts from NationofChange

1 comments on "By mid-2013, Senate Democrat Could Strike a Deal on Deficit"

FullBlad

September 09, 2012 11:32am

All this turmoil around deficits and debt is because of the ponzi monetary system foisted upon the nations of this planet and their citizens by the bankers in their never satisfied need of more money and power.At Bretton Woods in 1974 it was decided that nations should borrow from private for profit commercial banks as being a more stable monetary policy. Since then national debts have skyrocketed in an exponential curve of compound interest as national economic GDP's failed to keep up in their growth with the mounting debts. Therefore the repayment on these accumulated deficits have taken a larger and larger share of governmental budgets. As Henry Ford said, " it is well enough that the people of this nation do not understand our banking and monetary system, for if they did I believe there would be a revolution before tomorrow morning."

If you are wondering what Henry Ford was talking about have a look at "Money as Debt" on you tube....