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12:05 pm CST - November 30, 2012

Posted under On The Record

Understanding the Fiscal Cliff

By Cong. Mac Thornberry

Texas Insider Report: WASHINGTON, D.C. – There has been a lot of talk about a “fiscal cliff” that could occur in the next month or so.  The so-called “cliff” is a combination of expiring tax cuts and deep, across-the-board spending cuts that will take place in January 2013. Yet, continued gridlock and stalemate will have serious consequences lasting for many years.

The threat that the fiscal cliff poses to our economy is too great to ignore.  The economic future of our country, and that of our children and our grandchildren, is ultimately at stake.

Solving our nation’s fiscal problems is going to require some real political courage and some tough decisions. It means that members of the House and Senate and the White House must move beyond the campaign rhetoric and get to work addressing the fiscal mess we are now facing.

The reality of the political situation in Washington is that there will continue to be a divided government in Washington over the next two years.

Understanding this cliff and how it could impact our lives and businesses is critical to this discussion.   So, over the course of the next two weeks, I will be sending you several emails containing important facts about the fiscal cliff, government spending, and federal taxes.  My hope is that these emails will give you a better understanding of what is going on and what is really at stake.

I will also keep you updated as the situation unfolds and developments occur.  As always, I am interested in your feedback and your suggestions on this topic or any other that matters to you.  I hope you will contact me with your opinion via phone, email, letter, website, or Facebook.

A 5th generation Texan, Mac Thornberry serves in the U.S. House of Representatives for 13th District of Texas, where he is a lifelong resident. He currently serves on the Armed Services Committee and the Permanent Select Committee on Intelligence.

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