With just $0.05 a day, this Blueprint will make us strong, firm warriors in the battle to end poverty-->

Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Wednesday, January 2, 2013

Bottomless Pit of Debt aka Fiscal Cliff: What the Fiscal Cliff Deal Didn't Solve

All told, these tax changes will raise about $620 billion in new revenue over the next decade. That won't even make a small dent in the annual budget deficit. Those increases also come with no new spending cuts. Rather than reach an agreement on the automatic sequester that was set to happen on January 1, it merely delayed those cuts until late February, right about the time that a vote will be required on raising the debt ceiling.

So it's easy to see why, despite averting near disaster, no one is happy with this bill. Here are the other things it doesn't do: It doesn't actually fix the "cliff," since as we said, billions in spending cuts will still need to be negotiated in the next few weeks—or will take effect automatically without another deal. It doesn't fix the debt ceiling problem, which was one of the President's original conditions for a bargain. A failure to raise the debt limit and thereby force the Treasury into default will do way more damage to the global economy then the cliff would have. That means another showdown in a matter of weeks—one that Barack Obama vows not to back down from. (Liberals are trying not to get their hopes up on that.)  - Yahoo! News

 

Also read:

DISCLAIMER

Know4LIFE's Raw Info. is a blog designed to bring alternative news and information that is relevant to the Black and disadvantaged communities. As such, any and all views and opinions expressed herein, regardless of authorship, do not represent the views or opinions of any author's employer or people, institutions or organizations that the author may or may not be related to or affiliated with unless explicitly stated otherwise. Raw Info. includes links to other sites/blogs operated by third parties. These links are provided for convenience and informational purposes only. As such, the information, opinions, products, and/or services contained therein do not reflect the views and opinions of or represent endorsement Know4LIFE. All images that appear on Raw Info. are under the copyright of their respective owners. Know4LIFE does not claim credit for any image unless explicitly stated. If you own the rights to any image appearing on Raw Info. and do not wish for it to appear, please notify Know4LIFE immediately and the image shall be promptly removed.