Question of the Week: Will There Be Spending Cuts?

The recent fiscal cliff deal avoided tax increases, but did not address spending cuts.

Although the recent deal to avert the so-called "fiscal cliff" has prevented tax hikes for the vast majority of Americans, there are still many financial problems looming on the horizon.

The deal avoided discussing spending cuts, which are necessary to rein in the country's roughly $16.4 trillion debt.

The deadline for sequestration-across the board spending cuts-has been pushed back to March 1, which is also the deadline to raise the debt ceiling.

If sequestration goes into effect, the Department of Defense will see deep cuts, which may affect troop readiness and could see the furlough of civilian employees.

Will Congress work out spending cuts before the March 1 sequestration deadline? Tell us in the comments!

Stormin January 07, 2013 at 08:07 PM
Now that the payroll taxes have increased and healthcare costs are increasing there will be spending cuts, at home.
Jake Lilley January 08, 2013 at 02:46 PM
LOL! The only spending cuts in 2013 will be made by small business and families as they struggle to deal with the declining economy and recent tax hikes.
People are Crazy January 08, 2013 at 05:28 PM
The Senate only had 3 minutes to read a lengthy Bill with over one hundred pages. this bill raised expenses rather than cut spending. The bill was suppose to be about the fiscal cliff, but all it did was INCREASE spending. While an individual who earns $26,000 per year will have over $500 per year in new taxes, Hollywood gets a subsidy of 248 BILLION. How many Americans will benefit from that, and what the h!$$ was it doing in that Bill??? They are not going to cut spending unless it is cutting benefits to the average American.
John Wagner January 12, 2013 at 02:11 PM
I can only advise the right way to do it (but it will never happen). Entitlements will need to be updated as the forecast assumptions were way off...but efficiency must be done first. A "department by department" review is needed. Congress should require in depth budget review meetings with first the House including recommendations for cuts/efficiency. Eliminating redundancy and cutting low priority activity we just can't afford. The reduced budget is sent to the Senate and Pres. and that is all the money they have...period! Cuts are publicized (exposing the waste). Only then can we tackle entitlements. They need to be factually reviewed, reforecasted, and reformed based on what we can afford. We still need to get more economic/job growth so our numbers of payers goes up. That means a competitive business environment in a global economy. If we do this we would actually have more resource for those that need really need it. The above will require strong financial leadership that is not politically motivated.


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