As we get closer to the “fiscal cliff,” U.S. Sen. Dick Durbin (D-Ill.) says there is still time to act to avoid it. Durbin says the“fiscal cliff” was created by both Democrats and Republicans and it’s going to take both sides to fix it.
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“The fiscal cliff would make cuts in spending as well as increases in taxes which would not be good for America at this moment in time, but the reason that we put it together was to demand and require us to come up with an alternative that is much smarter. That’s what we need to do,”Durbin said. The president has said that any extension of the Bush-era tax cuts must not include cuts for the wealthy. Durbin agrees. “We feel that at this point asking those who are so well off to pay their fair share as a reasonable part of reducing our deficit is what the American people feel,” Durbin said.
If lawmakers don’t act to extend tax cuts and change the Budget Control Act of 2011, we would hit the “fiscal cliff” on Jan. 1, 2013. That would mean an end to temporary payroll tax cuts and the end of certain tax breaks for businesses. Deep cuts would be made to over 1,000 government programs as well.