The REAL Fiscal Cliff Is Still Approaching
Last night's actions in the House and Senate were only our elected officials kicking the can down the road rather than make meaningful changes on spending cuts and tax reforms. As well-intentioned as it may be, the compromise passed by the Senate and House is at best a short-term band-aid and at worst a prescription for further economic decline in our country.
It is clear that under the current rules of the game in Washington combined with an absence of leadership, our country needs structural changes to force leaders to do what is in the best long-term interest of our country. That is why there should be not a single vote for any deal to avoid the real fiscal cliff -- the debt ceiling increase -- without the passage of a Balanced Budget Amendment to the Constitution.
President Obama and the Democratic leadership showed no courage by refusing to tackle the real fiscal challenges we face. When given the chance to reform entitlements, Obama and the Democrats said no. When given the chance to fight for meaningful tax reform, they said no. And when given the chance to work towards finding a solution that won't burden our children and grandchildren with trillions of new debt, they said no.
I know great efforts were made by Senate and House Republicans to deliver a better package, but what has passed does nothing more than provide a temporary fix on a system that is severely broken for the long-term.