Last night I watched the C-SPAN: The ‘Fiscal Cliff’ & Debt Ceiling session, by the Senate’s Joint Economic Committee on TV. The program description is shown next:
Witnesses testified on the effects of the “fiscal cliff” on the U.S. economy and the middle class, with a focus on sustaining long-term economic growth, reducing U.S. debt, and protecting the middle class. They agreed that the issue need to be resolved immediately to avoid another recession, but disagreed on how to raise revenue to achieve fiscal sustainability.
“Fiscal cliff” referred to the impending tax increases and sequestration budget cuts at the end of 2012 if Congress failed to reach a new budget agreement. ”Sequestration,” a legal procedure in which automatic budget cuts are triggered, was agreed to in the Budget Control Act of 2011. This session lasted 1 hour and 42 minutes.
Zandi, Mark M.
Co-Founder & Chief Economist
Hassett, Kevin A.
Senior Fellow and Director of Economic Policy Studies
American Enterprise Institute
The two clear speaking economic experts testified before the committee. The House and Senate members were cordial with each other and mostly asked important non-political questions of the presenters.
If a large majority of Americans watched this session, we could move into positive economic policies, in my humble opinion.