Right now, this measure of the debt stands at 73 percent of gross domestic product (GDP)—in other words, 73 percent of the American economy
The Fiscal Cliff and Beyond
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In Washington, there is one issue on everyone’s minds: the “fiscal cliff.”
With time running out before a massive tax hike strikes on January 1, and wide-ranging budget cuts scheduled to hit at the same time, the economy is bracing for another storm.
Today, five public policy organizations including The Heritage Foundation are presenting their plans to first slam on the brakes before driving off the cliff, and then to reverse course and tackle our massive spending challenges as the federal government moves ever closer to the debt limit.