What Was Not Addressed

The House, Senate and President all recently agreed to last-minute legislation to stop automatic tax increases and delay arbitrary defense spending cuts known collectively as the “fiscal cliff.”  The President had consistently said the fiscal cliff must be resolved through a “balanced approach” to deficit reduction including new tax revenues as well as spending cuts.  However, the agreement passed by Congress only addressed the issues of taxes, which is neither good policy nor a balanced approach. 

The final bill did nothing to address out-of-control spending, which is the primar...