As Congress and President Barack Obama continue to negotiate offers to prevent falling off the “fiscal cliff” before the end of the year, legislators are beginning to grow impatient. The metaphorical “fiscal cliff” is an anticipated financial crunch expected to occur as the Bush tax cuts expire, government spending cuts are implemented and payroll taxes increase all at the same time. President Obama has refused to accept any deal from Republicans that will extend tax cuts for the wealthiest Americans.
“I think we’re going over the cliff,” says Senator Lindsey Graham (R-S.C.).”This offer doesn’t remotely deal with entitlement reform in a way to save Medicare, Medicaid and Social Security from imminent bankruptcy
. It raises $1.6 trillion on job creators that will destroy the economy and there are no spending controls.”
Experts may never agree on how they think the expiring tax cuts may help or hurt our economy in the long run, but in the short term it appears many Americans will be tightening their belts for a while. If you have been struggling with debt, it may be a good time to explore your options. Contact our firm for a free consultation.
Benjamin Brand Services- Chicago bankruptcy lawyer .