Anenome, I think you may be confusing the fiscal cliff with the debt ceiling. The cliff is just a reduction in military and welfare spending, coupled with significant tax increases. It has nothing to do with the ability to borrow.
The debt ceiling is stupid, too. It’s non-existent as well. They can always priortize their spending when it’s time to pay the “bills.”
I thought the two were innately tied together. Maybe you’re right that I have been.
So, then, by fiscal cliff, you guys mean merely the expiration of a set of laws that will be allowed to expire, like the Bush tax cuts and other things.
Ah well, here’s an article on the FC for reference.
I’ll just say that there’s absolutely no excuse to raise taxes. Is anyone else a bit wary of Buffett’s involvement in politics lately? Like he’s giving cover for these tax increases and the like?