Beyond the "fiscal cliff" -- We need a grand bargain

12/18/2012

Daniel J. Meckstroth, Ph.D., vice president and chief economist
The last few weeks have seen the opening bids in negotiations over a grand bargain to solve the short-term issue of the "fiscal cliff" and stabilize the long-term deficit-to-GDP ratio. The president wants half the entitlement cuts the Republicans prefer. Both sides, however, would cut the 10-year deficit by roughly the same amount. The president calls for $2 in revenue for every $1 in spending cuts and the Republicans are offering to agree on the opposite -- a $1 tax revenue increase for every $2 in spending cuts. Issues in Brief

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