In January 2013, a series of tax increases and spending cuts are slated to go into effect automatically and all at once. Many are calling this major fiscal policy shift the "Fiscal Cliff." If all of the changes are allowed to proceed, future budget deficits would be substantially reduced. However, the nonpartisan Congressional Budget Office has forecast that the economy would be thrown into recession in 2013 — an outcome that threatens our still-fragile economic recovery.
The Fiscal Cliff presents a critical opportunity for policymakers, and a real turning point for the country. Instead of allowing our economy to go over the Fiscal Cliff, or once again avoiding action on our nation’s long-term debt and deficits, leaders should seize this opportunity to pass a comprehensive, bipartisan plan to deal with our long-term structural debt and put America on the path to a stronger economic future.
How can Congress and the President avoid the negative near-term impact of the Fiscal Cliff while still taking decisive action to reduce budget deficits and improve our long-term fiscal outlook? On November 16th in Washington, DC, The Peter G. Peterson Foundation will bring together top leaders and policy experts to get answers and urge action before the end of the year.
As national attention turns from the election to the impending Fiscal Cliff, "Post-Election: The Fiscal Cliff and Beyond" will set the agenda for the debate to come. Elected officials and leading policymakers will discuss potential paths forward within the context of the political and economic challenges we face, and five of the country’s most respected think tanks will present their proposals for addressing the Fiscal Cliff, while highlighting their top policy priorities for the new Congress and incoming Administration.
Watch video of the "Post-Election: The Fiscal Cliff and Beyond" event, in its entirety, above.