If Nothing Is Done By Congress, Everyone's Taxes Will Rise and The Economy Will Sink

This article reminds us that if nothing is done about tax policy by Congress, the US could be on its way to a double dip recession. Everyone's taxes would increase. This coupled with federal spending cuts, would shrink aggregate demand.

The US faces longer term issues that raise questions about tax policy, spending, and budget deficits. The GOP is unwilling to consider tax increases as part of a deficit reduction plan. Gridlock in Washington is likely, no matter who wins the election.