Why We Build Fiscal Cliffs
Harvard Business Review
NOVEMBER 21, 2012
Congress had a moderately successful run with budget pre-commitment mechanisms in the 1980s and 1990s, in the form of the Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985 and the successor known as " paygo." In 2010, Congress voted to extend the 2001 cuts for two years.
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