The Defining Issue of 2012 Will be Obama’s Debt Crisis

December 1, 2011 @

The 2012 political year is right around the corner, and the recent failure by the so-called “Super Committee” to reach agreement on $1.2 trillion in deficit reduction will re-cast the environment on Capitol Hill and shape the 2012 campaign.

With divided control of Congress, and a 60-vote threshold in the U.S. Senate, major Congressional action before the 2012 election is now extremely unlikely.

Congress always seems to need a deadline to make the members focus on the country’s business, and December promises to be a busy month. It’s likely that members of Congress will do the following:

Pass yet another temporary spending bill preventing a government shutdown on December 16;

Extend the popular expiring tax provisions (payroll tax, research and development tax, etc.); and

Fix the alternative minimum tax and the reimbursement rates for doctors in Medicare.

In recent years these actions have been taken each December before the end of the calendar (tax) year.

What has become clear this month, however, is that Congress cannot and will not take action on our trillion annual deficits, our $15 trillion debt, or pass legislation that will markedly improve the economy.

Read More at Floyd Reports By Matt Mackowiak, Floyd Reports

One Comment → “The Defining Issue of 2012 Will be Obama’s Debt Crisis”

  1. Frank

    8 years ago

    Yes, there is a ticking bomb debt crises and yes the bomb might explode in 2012. But it might not. History shows both major Parties are big government, big spending Parties that are bankrupting this nation. Either the GOP transforms itself into a small government Party intent on big spending cuts & balancing the budget asap, or the time bomb will explode and they will eventually be forced to transform themselves anyways. I never thought I would live so long as to see our nation debased like this. Ultimately, the problem is with the dumbed-down American voters that keep electing these jerks back into office.

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