Heritage Foundation economist Patrick Knudsen explains what Congress should do to solve the “fiscal cliff,” the massive tax hikes and defense spending cuts coming in January.
- Preclude the huge tax hike known as Taxmageddon;
- Prevent the reckless, automatic defense cuts, preferably by choosing alternative savings;
- Renounce any other tax increases;
- Resist the temptation to conjure further ad hoc budget schemes and grand bargains; and
- Return as soon as possible to the regular practice of congressional budgeting.
What ideas do you have?