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Let's All Jump Off the Cliff

By Belt, Bloomberg - December 8, 2012

With less than four weeks left, reaching an agreement to avoid the negative short-term economic impact of the so-called fiscal cliff might be beyond the ability of the strained U.S. political system.

Just kicking the can down the road, averting the more than $600 billion in automatic spending cuts and tax increases scheduled to take effect in January, requires one side to give ground on a core belief: either for Democrats to allow an extension of lower tax rates on top earners or for Republicans to accept a return to higher rates for those taxpayers. It is time to consider a backup plan.

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