It was clear the fix was in the moment the term “fiscal cliff” was coined to describe the series of spending cuts and tax increases that were set to kick in on January 1, 2013.
The American people were told in 2011 that the debt ceiling needed to be raised again to avert an outright default on the national debt. So the Budget Control Act of 2011 was passed, which authorized the Treasury to borrow an additional $2.1 trillion — enough to keep the federal government operating until December 31, 2012. But this act also imposed a series of automatic spending cuts (sequestration) and tax increases to address the country’s debt crisis.
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the DMCA and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.