29 November 2012 — The Bullet • A Socialist Project e-bulletin …. No. 737
A debt crisis in Europe, an electoral campaign in the United States, and Canada watching from the sidelines; this is how the trans-Atlantic world was depicted in the media over the past months. Though the votes had not yet been counted, warnings suddenly emerged about a fiscal cliff. In order to keep discussions of budget policy out of the campaign, the Republicans and the Democrats agreed on a pact earlier this year, which increased the debt ceiling of the federal government to the point that drastic spending cuts or tax increases could be postponed until after the election. If, however, the parties in Congress cannot agree on another budget by year’s end, expenditures throughout all departments will be automatically cut and the tax reductions provided by Bush and Obama in previous years will be revoked. Continue reading →
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