If the United States goes over the so-called "fiscal cliff," allowing a wave of scheduled tax hikes and spending cuts to take effect Jan. 1, the nation would likely enter a recession as the deficit falls too far, too fast. How would you avert the cliff, though?
Your job, should you choose to accept it, is to figure out a path forward using this calculator. First, identify which aspects of the fiscal cliff's tax increases and spending cuts you would allow to go forward, and which you would cancel. Then, pair it with other deficit-reduction policies you want to enact to start bringing deficits down even without the pain of an immediate austerity crisis. Then, add in any stimulus measures you might want to cushion the blow of deficit reduction and try to get the economy on track.
Once you have your plan for resolving the fiscal cliff, be sure to share it with your friends on Facebook and Twitter. Who knows, maybe Boehner and Obama are listening.
SOURCE: Congressional Budget Office, Committee for a Responsible Federal Budget, and the Economic Policy Insititute. GRAPHIC: Dylan Matthews and Andrew Metcalf - The Washington Post. Published Dec. 20, 2012.
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