[important]This extensive fiscal policy whitepaper is re-published to provide a context for one of the central issues to solving the fiscal cliff problem — restoring tax structure ending temporary reductions. Specifically, the recommended repeal of Bush Tax Cuts [BTC] that President Obama should have vigorously pursued, as committed, during the early stages of his first term. An action urged by then Speaker Nancy Pelosi [D] prior to the joining Unemployment Insurance extension to BTC. The following first appeared on GraniteRG.com on July 04, 2011.[/important]
On August 02, 2011, the US Government will face a fiscal policy crisis with tax revenues to cover only 56% of its bills, reaching a debt limit of $14.29 trillion. The unenviable choices before legislators lack bi-partisan appeal. If history serves as our guide, America will emerge from this crisis, but with fundamental policy questions still unresolved.
This commentary offers a context for our long-standing persistent fiscal problems, demonstrates the necessity of a revenue-centric resolution, and provides directions that will restore our nation to fiscal sanity. By this, GraniteRG.com seeks to increase our public discourse in a way that is less partisan and more committed to serious consideration of difficult policy choices.
Author: Kenneth D. Price
Date: July 01, 2011
GraniteRG Posted Date: July 04, 2011
Topic: General Domestic Policy [GDP]
Length: 38 pages
Reference No.: GRG-20110701RFP-DP
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