A combination of massive tax increases and automatic spending cuts, known as sequestration, are due to hit simultaneously at the end of the year. Our economy is still struggling and raising taxes at a time like this would devastate the recovery. In fact, experts across the board are telling us that "going off the fiscal cliff" would push the economy back into a recession.
Ideally, we should extend current tax rates while we work on comprehensive tax reform that lowers rates and simplifies the code to encourage economic growth. On the spending side, it is our moral responsibility to get the debt under control. Leaving trillions of dollars for future generations to pay off is unacceptable, which is why I voted for a balanced budget amendment to the Constitution and trillions in cuts to back it up. However, there are better ways to cut than the method sequestration uses, which treats all government spending as equal. The plan put forth by House Republicans is the better approach, which calls for turning off sequestration and replacing it with even larger cuts targeted at wasteful programs and welfare.
There are some in Washington who are pushing a different view, saying all options are on the table, including raising taxes on everybody who pays them and allowing the military to bear the brunt of spending cuts. This is the wrong approach. Weakening our military and raising taxes is not how the economy is strengthened and jobs are created.
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