Why We Build Fiscal Cliffs
Harvard Business Review
NOVEMBER 21, 2012
Deficits started ballooning again, and really blew up after the financial crisis of 2008. In 2010, Congress voted to extend the 2001 cuts for two years. There's also a payroll tax holiday included in that 2010 deal, which was always supposed to be temporary. credit rating but no observable increase in interest rates.
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