Federal Reserve Chairman Ben Bernanke testified today that Congress must act to avoid sending America over a fiscal cliff next year.
The country is facing something of a perfect storm of financial problems at the end of this year: the Bush Tax Cuts are set to expire, payroll taxes are set to rise, up to six million Americans will lose their unemployment benefits, and the so-called sequestration cuts – $1.2 trillion in service and defense cuts that the Super Committee failed to find a way around last fall – are going to kick in.
Rep. Chris Van Hollen (D-MD) is the top Democrat on the House Budget Committee, and he comes OutFront to discuss what Congress needs to do.
Van Hollen says the same thing all the time. We need more revenue. They and the current Administration have a spending problem and our country is being lead in the wrong direction.
Did Rep. Van Hollen just say: tax cuts that show "progressivity" - that's not a word!!
Notify me of new comments via email.
Erin Burnett OutFront airs weeknights at 7 p.m. ET. Designed to showcase Erin's unique style--casual, smart, and confident--OutFront stays ahead of the headlines, delivering a show that's in-depth and informative.
Get every new post delivered to your Inbox.
Join 476 other followers