All articles tagged with #fiscal cliff
Social Security is projected to face insolvency by 2032, leading to potential benefit cuts of around $18,000 annually for retirees, unless Congress takes action to address the funding gap, which has been warned about by Warren Buffett and the CRFB.
Joe Biden's history of negotiating with Republicans has not been successful, as seen in his involvement in the 2012 fiscal cliff negotiations. Despite promising not to negotiate with Republicans over lifting the debt ceiling, Biden went into negotiations without a serious offer of his own. He made a few half-hearted suggestions that were dropped when Republican House Speaker Kevin McCarthy objected. Talks continued at the White House between McCarthy and Biden Monday evening, but with Biden now negotiating the size of the cut, Democrats’ only hope is that Republicans can’t agree and fail to seize the moment.
The bipartisan Problem Solvers Caucus has proposed a four-step plan to avoid a default on US debt if the government's debt limit isn't increased when it's expected to be reached, possibly within a couple of months. The plan includes suspending the debt ceiling through Dec. 31, 2023, and establishing an independent commission to recommend a package to stabilize the debt and deficit, among other measures. However, congressional leadership in both parties has shown little interest in coming together on such a plan. House GOP leaders say they plan to hold a vote on a debt ceiling bill as soon as next week.