Congress has conquered one fiscal cliff, but apparently
there are three more ahead. The next deadline is in late February; at this
time, Congress will have to raise the $16.4 trillion debt ceiling or default on
the loans of the US. President Obama said that the consequences of defaulting
on the loans could be “catastrophic- far worse than the impact of a fiscal
cliff.” Also in February, Congress will have to revisit the spending cuts that
it put off in the deal passed Tuesday night to avoid the fiscal cliff. This
deal really only delayed the eventual spending cuts. Congress has to plan for
the budget deal in addition. This deadline is in late March.
http://www.nydailynews.com/news/politics/cliff-crossed-congress-faces-new-fiscal-crises-article-1.1231507
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