‘Fiscal Cliff’ Is a False Deadline

There is no drop dead date. Online sites and TV channels with ‘fiscal cliff’ countdown timers are an embarrassment and are just trying to scare viewers… The ‘fiscal cliff’ is about too much austerity too quickly (cutting the deficit too quickly)… After January 1st the politicians can vote for a tax cut for most Americans. That is obviously dumb, and makes extra work for many involved with payrolls and taxes, but that is politics.

— Bill McBride, writing on the Calculated Risk Blog.

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