How Bad Is Our Debt Problem, Anyway? And Will a Deal Fix It?
by Theodoric MeyerProPublica, Dec. 28, 2012, 12:34 p.m.
President Obama will meet with congressional leaders today
in another attempt to avert the fiscal cliff — the automatic tax
increases and spending cuts set to take effect Jan. 1 unless Congress
can strike a deal. The cuts and tax hikes, which total more than $500
billion, are so large and so sudden that many economists fear they would
plunge the country back into recession.
As Washington tries to hash out a deal, we've taken a step back to break down the numbers behind our deficit — how it grew so big, why it is actually shrinking and whether a deal can bring it under control.
As Washington tries to hash out a deal, we've taken a step back to break down the numbers behind our deficit — how it grew so big, why it is actually shrinking and whether a deal can bring it under control.
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