December 11, 2012 • Editorial

Fiscal cliff

Politicians who borrow and spend with reckless abandon gave us the 2013 cliff-jumping pact. Congressional politicians enact debt limits, as a gesture of restraint, then waive the limits at will. It is gradual economic suicide.

Government has incurred more debt under President Barack Obama already than 42 predecessors combined, Washington through Clinton. To continue spending more than our economy can afford, Obama asked Congress to raise the debt limit in 2011. Republicans balked. To avoid sovereign default, Congress and the president struck a deal to immediately increase the debt ceiling by $400 billion, with options for additional increases going forward.

Guilt-ridden politicians raised the limit on Login to read more

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