Bill Clinton disagrees with Obama about what should be done about the tax cuts that are set to expire in January 2013. Obama’s position is that they should be renewed for people earning below $250,000. The former president believes we should extend tax relief across the board for all Americans (at least for now) regardless of income levels:
What I think we need to do is to find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now, and then deal with what’s necessary in the long-term debt-reduction plan as soon as they can, which presumably will be after the election.
~ Bill Clinton on CNBC’s “Closing Bell with Maria Bartiromo”
It’s hard to imagine there’s another potential “cliff” in our future, but I certainly would not doubt it. Letting the tax cuts expire completely would be akin to running along the edge of the cliff blindfolded.