A grassroots coalition in Michigan is urging Congress to resolve the impending “fiscal cliff” before the end of the year.
The fiscal cliff refers to the set of automatic tax increases and spending cuts that take effect in January unless Congress crafts a new budget deal. That could trigger massive across the board cuts to a variety of public programs. The Michigan chapter of the Campaign to Fix the Debt is circulating a petition urging Congress to enact practical solutions.
Campaign co-chair Ken Sikkema says failure to act could spark another recession.
“Higher interest rates, higher debt payments, (a) slower economy, less personal income," Sikkema says. "And it quickly gets worse. This isn’t something that’s going to happen in 2050. It happens right now.”
The campaign supports reforms to Medicare and Medicaid and more investment in Social Security. Sikkema says there also needs to be a plan to reduce the $16 trillion national debt.