There would certainly be some economic benefits to all of this, however. The CBO has a wide range of estimates for the positives - between 0.8% and 5% growth in real GDP, and between 1.1 million and 5.8 million new jobs. There are a lot of caveats here, as it's an incredibly wide range of estimates, but there would...
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I say, let's hit the cliff! People votes for more Obama so let them pay for it! Raise everybody's taxes! Why keep kicking the can down the road? You want to get serious about eliminating the debt and reducing deficits? Cut up the credit card! That's what people do in the real world! If that means raising everybody's taxes 60%, then so be it! Maybe once everybody's taxes skyrocket and they feel the REAL burden of government spending, they'll be more open to cutting spending!
The Congressional Budget Office released their analysis of the group of deficit-fighting policies known as the "fiscal cliff." The big takeaway: completely averting the contraction that would occur in 2013 and 2014 would cost $1.16 trillion - entirely deficit-financed.
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